China Settles 30% of Q1 Goods Trade in Chinese Yuan
China News
April 19, 2024
China has settled 30% of its goods trade in Chinese yuan in the first quarter of 2024, signaling a push towards yuan internationalization. Officials from the People's Bank of China and the State Administration of Foreign Exchange highlight steady growth in aggregate financing, stable financing costs and resilience in the foreign exchange market during this period. Data shows that aggregate financing to the real economy reached 12.9 trillion yuan (over 1.7 trillion U.S. dollars) in Q1.