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 Chinese defense spokesman urged vigilance against Japan's recent military and security policy shifts.

Senior Colonel Zhang Xiaogang, spokesman for China's Ministry of National Defense, made the remarks on Thursday at a regular press briefing.

According to media reports, the Japanese government has officially revised the Three Principles on Transfer of Defense Equipment and Technology and its implementation guidelines, which in principle green-lighted Japan's export of lethal weapons. In addition, it has resumed military ranks used by the Imperial Japanese Army such as Taisa, and passed a bill to set up a National Intelligence Bureau.

"Japan has recently taken dangerous, adventuristic and provocative actions in the military and security fields. Such moves have already turned against its self-proclaimed identity as a peace-loving country and its 'exclusively defense-oriented' principle," said the spokesman.

"Moreover, Japan is trying to resume the military rank system used by the Imperial Japanese Army, and the intelligence apparatus it plans to form is reminiscent of the notorious Tokko. These actions seriously hurt the national feelings of the people in Asian countries," he said.

"Japan is making reckless and unchecked strides on the path of remilitarization. Will it once again bring disasters to East Asia?" Zhang asked.

"All peace-loving people should stay on high alert, resolutely stop Japan's retrogressive moves, and never allow it to undermine peace and bring calamities to the world," added the spokesman.

Defense spokesman urges vigilance against Japan's recent military, security policy shifts