China's yuan rises to fourth most active currency in global transactions

The Chinese yuan has emerged as the fourth most active currency for global payments, the country's central bank said on Tuesday.

Thanks to various measures taken by the central bank to facilitate cross-border use of Chinese yuan, cross-border yuan payments totaled about 64 trillion yuan (about 8.73 trillion U.S. dollars) in 2024, an increase of 23 percent year on year, Xuan Changneng, deputy governor of the People's Bank of China, told a press conference.

Various indicators of the international use of Chinese yuan have steadily improved, with the ability of cross-border yuan business to serve the real economy continuously enhanced, showed data from the central bank.

Over 80 overseas central banks and monetary authorities have included Chinese yuan in their foreign exchange reserves.

The balance of Hong Kong's offshore Chinese yuan deposits exceeded one trillion yuan, while the offshore Chinese yuan loan balance approached 700 billion yuan, both at historically high levels.

The PBOC will continue strengthening Chinese yuan's coordination with foreign currencies and facilitating yuan-based cross-border financing to create a favorable environment for domestic and foreign entities to hold and use the Chinese currency.

"We will support Shanghai in its efforts to build a global Chinese yuan financial asset allocation center and risk management center, and support yuan-based trade, financing, overseas loans, and the issuance of Chinese yuan bonds. We will improve the supply mechanism of offshore Chinese yuan liquidity, support the sound development of the offshore Chinese yuan market, and consolidate and enhance Hong Kong's status as an international financial center and offshore Chinese yuan business hub. We will improve the infrastructure facilities for cross-border use of Chinese yuan, rationally set up new Chinese yuan clearing banks, and continuously enhance the functions and services of the Chinese yuan cross-border payment system," Xuan said.

China's yuan rises to fourth most active currency in global transactions

A Vietnamese naval fleet arrived in Fangchenggang of south China's Guangxi Zhuang Autonomous Region on Monday, marking the start of the 10th border defense friendship exchange between China and Vietnam.

The event is set to take place in designated areas and ports in Guangxi of China and Vietnam's Quang Ninh province, as well as waters in the Beibu Gulf during this week.

At 09:00 on Monday, Vietnam's frigates Tran Hung Dao and Ly Thai slowly entered a port in Fangchenggang City. The Vietnamese officers and soldiers received warm welcome from Chinese counterparts of frigates Hengyang and Enshi.

After the welcome ceremony, the Vietnamese fleet commander boarded the Hengyang frigate for a tour, where the two sides held discussions and exchanged souvenirs.

In the coming days, the two sides will organize naval vessel visits, cultural and sports exchanges, and will also form a fleet for the 40th China-Vietnam joint patrols and training exercises in the Beibu Gulf.

They will also hold medical consultations and cultural events with civilians in the border areas.

The China-Vietnam border defense friendship exchange, first held in 2014, is a concrete measure to implement the important consensus reached by leaders of the two parties and countries.

The event will further enhance the traditional friendship between the two countries and their armed forces, strengthen exchanges and mutual trust among personnel at all levels, deepen practical cooperation, and improve their joint ability to safeguard border and related maritime security.

China, Vietnam start 10th border defense friendship exchange