BOFIT Viikkokatsaus / BOFIT Weekly Review 2015/41
The rise of the yuan’s use in international payments has been rapid. In just the past three years, it has overtaken seven currencies used in international payments. The yuan is now the most-used currency in Asia Pacific for payments with China and Hong Kong.
Development of China’s market infrastructure has also helped support wider acceptance of the yuan. As a latest measure, this week the People’s Bank of China announced that the new China International Payments System (CIPS) was now operational. The system facilitates international yuan clearing for businesses.