The yuan is increasingly used to settle cross-border payments with China. Indeed, the number of transactions between China and the rest of the world settled in yuan has grown by 24% in the first three quarters of this year alone. The yuan now accounts for more than 50% of China’s global transactions for the first time, having dislodged the once-dominant U.S. dollar earlier this year. Beijing has long harbored ambitions to internationalize its currency. For now, though, the yuan’s rise is largely limited to bilateral trade with countries that align with China politically, including Argentina, Nigeria, Russia and ... (full story)