As China's economic strength steadily grows, its position in global industry and supply chains continues to rise, and the functions of the yuan as an international reserve currency and payment currency continue to strengthen. More and more countries are actively promoting currency arrangements and partnerships with China, experts said.
In China's own cross-border transactions, the proportion of yuan settlements reached 49 percent in the second quarter, surpassing the US dollar for the first time, according to media reports.
The yuan has seen constantly increasing use scenarios, efficiency and total volume in recent years, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times.
On the one hand, the yuan's internationalization will facilitate the advance of China's economy and society, help boost the efficiency of its outbound trading, and contribute to the global development of Chinese industries, Wang noted.
On the other hand, it could also improve the trading efficiency of countries or other entities that use the yuan for settlement, and help reduce losses caused by exchange rate fluctuations, according to Wang.
With the support of the country's economic and social development, its colossal consumption market, and many good partners in the world, the trend of the yuan's internationalization is unstoppable, Wang said.
