China Urges State-Owned Enterprises to Prioritize Yuan for International Transactions

China's central bank has initiated a plan for state-owned enterprises to prioritize the yuan in international payments and settlements. This move aims to enhance the yuan's global role amid rising trade tensions from U.S. tariffs.

Lu Lei, Deputy Governor of the People's Bank of China, noted that protectionism is disrupting global supply chains.
He stated that improving cross-border financial services is essential for increasing yuan usage in trade and investment.
In March, the yuan made up 4.13% of global payments, ranking as the fourth most active currency.
A record $724.9 billion in cross-border yuan transactions were reported last month, constituting 54.3% of China's international dealings.
President Xi Jinping's recent visits to Southeast Asian nations highlight China's commitment to expanding the yuan's international influence.