Pambo reported that in March of this year, the use of yuan in cross-border transactions in China for the first time exceeded the United States dollar, a further milestone in China’s efforts to reduce its dependence on the dollar. A study carried out by the Penbo industry on the basis of China’s National Exchange Authority data shows that the People’s Currency account for nearly 48 per cent of China’s cross-border revenues and expenditures from 2010 to the end of March. Data show that the Unit...

Pambo reported that in March of this year, the use of yuan in cross-border transactions in China for the first time exceeded the United States dollar, a further milestone in China’s efforts to reduce its dependence on the dollar. A study carried out by the Penbo industry on the basis of China’s National Exchange Authority data shows that the People’s Currency account for nearly 48 per cent of China’s cross-border revenues and expenditures from 2010 to the end of March. Data show that the Unit...