Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

A historic first: Yuan overshadows USD in China cross-border payments

  • By Al Mayadeen English
  • Source: Agencies
  • 28 Apr 2023 10:08
  • 1 Shares
3 Min Read

The report says China's cross-border trade in yuan rose by almost $115 billion between February and March.

  • x
  • A historic first: Yuan overshadows USD in China cross-border payments
    Illustration of the Chinese yuan sitting over the US Dollar taken June 14, 2022 (Reuters)

The yuan overtook the US dollar in China's cross-border trade transactions in March for the first time, dealing a new major blow to the green note that is witnessing a global decline in its position as the top reserve currency, Reuters reported on Wednesday.

Rising from $434.5 billion in February to $549.9 billion in March, the Chinese currency marked a record milestone.

Read more: De-dollarization: Slowly but surely

In Cross-border trade settlements, the yuan accounted for 48.4% of the used notes, said the report, citing data from the State Administration of Foreign Exchange.

Pursuing its pivot away from the USD, Chinese global transactions using American dollars dropped between February and last month by 1.9% - from 48.6% to 46.7.

As the Americans increasingly used their banknote as a tool to extend hegemony using sanctions and other restrictions to "non-obedient" countries, Beijing and other Global South powers have been adopting local currencies, or yuan, to settle transactions at an exponential rate.

Related News

What is Netanyahu smoking? Araghchi slams Israeli influence over US

Pentagon official assessment shifted US focus from Ukraine to China

Read more: US dollar still world’s reserve currency, but Yuan's future dawns

The shift from the USD has been a policy pillar of newly emerging international bodies such as BRICS and SCO, as nations further aim to create alternative trade and monetary bodies to ones dominated and influenced directly by the United States, having exploited these international organizations to extend its hegemony and colonization in vast parts of the world.

The volume of cross-border trade payments includes both current and capital accounts, the report added. 

Earlier in March, China and Brazil struck a deal to ditch the US dollar in their bilateral transactions, which is expected to reduce investment costs and develop economic ties between the two countries.

Read more: US dollar no longer required in international trade with India

During his visit to China earlier this month, Brazilian President Luiz Inacio Lula da Silva called on countries of the Global South to work toward dropping the USD in their international trade and resort to their own currencies instead.

The Brazilian leader also urged BRICS nations to establish a common currency as the basis of trade, a voice echoed by many leaders of Global South leaders.

Read more: Iran, Russia resisting SWIFT hegemony over banks

  • United States
  • Beijing
  • USD
  • Yuan
  • US
  • China
  • de-dollarization

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS