Yuan’s use in cross-border payments rose 14 per cent year on year to 35 trillion yuan (US$4.9 trillion), according to the People’s Bank of China.

Chinese companies expanding overseas are increasingly using the yuan for financing and payments to build their international operations, boosting the currency’s growing clout in international trade and investment. “Based on my calculation, 10 per cent of our company’s total orders were priced and settled in renminbi,” said Yang Feng, finance director for overseas marketing at Sieyuan Electric, in a panel discussion organised by Standard Chartered at the China International Import Expo in…

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