Yuan Overtakes US Dollar in China’s Cross-Border Trade for First Time Ever: Goldman Sachs

The Chinese yuan has surpassed the US dollar in China’s cross-border payments for the first time in history, according to banking giant Goldman Sachs. The yuan’s share of cross-border settlements surpassed the dollar and hit an all-time high in March, says Goldman, citing data from China’s State Administration of Foreign Exchange (SAFE). The big uptick was...