In terms of value, there were reported around USD 785 billion (CNY 4.8 trillion) worth of cross-border settlements made in CNY, from January to August 2014, cri.cn reports. That figure was only USD 588 (CNY 3.6-billion) in 2009.
Hu Xiaolan, the vice-governor of the central bank, has claimed that no more than 174 countries and regions are involved in CNY cross-border settlements with China. He further explained that, as such, companies can avoid the risks caused by the exchange rate fluctuations.
However, the Chinese currency still only accounts for around 2.5% of all global trade settlement.
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