Conflict catalyst: China’s yuan settlements hit record amid Middle East tensions
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Single-day transactions via China’s Cross-border Interbank Payment System surge past 1 trillion yuan as Beijing’s moves to expand the yuan-payment network show signs of paying off.

Rising demand for yuan settlement amid Middle East tensions is driving record transaction amounts in China’s cross-border payment system, analysts said, building on years of efforts to bolster financial infrastructure and expand its global network. “The Middle East conflict may have acted as a catalyst,” said Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered, citing rising demand for yuan settlement, particularly in oil trade. China’s Cross-border Interbank…

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