Page 2 - Yuan

Bolivia is latest South American nation to use China's yuan for trade

Bolivia is now using the yuan to pay for imports and exports, becoming the latest country in South America to regularly use the Chinese currency in a small but growing challenge to the hegemony of the U.S. dollar for international financial transactions in the region. Between May and July of this year, Bolivia conducted financial operations amounting to 278 million Chinese yuan ($38.7 million), which accounts for 10% of its foreign trade during that period, Economy Minister Marcelo Montenegro said on Thursday. We're already using the yuan. It's a reality and a good start, Montenegro said during a news conference. Banana, zinc, and wood manufacturing exporters are conducting transactions in yuan, as well as importers of vehicles and capital goods. These electronic transactions are carried out through the state-owned Banco Unin. The amount being used in yuan is still relatively small, but it will increase over time, Montenegro said. With these transactions, Bolivia joins other countr

Indian refiners used Chinese yuan to pay for some Russian oil imports

The official also said the Reserve Bank of India will release guidance for banks in two to three days to resolve some teething issues on the rupee trade mechanism

Indian refiners start yuan payments for Russian oil imports: Report

China has also shifted to the yuan for most of its energy imports from Russia, which overtook Saudi Arabia to become China's top crude supplier in the first quarter this year

China's PBOC asks foreign banks about dollar deposit rates amid weak yuan

Total FX deposits in China stood at $851.8 billion at end-May, data shows.

Yuan dips after China cuts rates; Swedish crown at weakest since 2009

China lowered its one-year and five-year loan prime rates (LPR) by 10 basis points, the first such easing in 10 months as authorities seek to shore up a slowing economic recovery

Dollar falls before US inflation data, yuan weakens on repo rate cut

LONDON/SINGAPORE (Reuters) - The dollar fell slightly on Tuesday as investors awaited U.S. inflation data, while China's yuan slipped to a six-month low after the central bank lowered a short-term lending rate to boost the economy.

Indian rupee poised to open lower tracking yuan slide, eyes on RBI outcome

The RBI is widely expected to keep the key policy rate at 6.50% in its decision at 10.00 a.m. IST. The focus will on comments around the trajectory of interest rates and inflation

Euro's use in international payments at 3-year low, Yuan's at 5 month high

Data from the Society for Worldwide Interbank Financial Telecommunications, or SWIFT, showed the proportion of cross-border transactions involving Europe's common currency fell to 31.74%

China takes yuan global in bid to repel weaponised dollar's impact on money

Antagonism has flared between the two economic titans over issues ranging from trade and Taiwan to TikTok and technological know-how

Russia ready to switch to yuan in foreign trade, says Vladimir Putin

Russia is ready to increase settlements in yuan in its foreign trade, President Vladimir Putin said during talks with his Chinese counterpart Xi Jinping

Dollar slips to 5-month low, yuan set for biggest weekly gain since 2005

The dollar index, which measures the currency against six major peers including the yen and euro, fell 0.2% to 104.47, having earlier touched its lowest level since June 29 at 104.36

Dollar rises broadly, yuan slumps as China's Covid unrest rattles sentiment

The dollar gained broadly as protests against Covid restrictions in China stoked uncertainty and dented sentiment, sending the yuan sliding

China frees up $70 bn for banks to underpin economy hit by Covid lockdowns

The central bank hopes to spur more lending into the economy but analysts are sceptical it could achieve quick results, as new COVID outbreaks throw factories and households into lockdown

Rupee sheds 0.2% to dollar as Covid worries trigger slump in yuan

Talk of persistent rate hikes by US Fed officials also drags rupee lower

Rupee slides as Chinese yuan weakens, October trade deficit hits mood

The rupee settled at 81.65 per US dollar on Thursday as against 81.31 per dollar at previous close

Digital currency just a stone's throw away

As geopolitical tensions rise, efforts for globalisation of CBDC take centre stage. But the financial system may face a significant interoperability problem in the near future

Pakistan, China sign MoU for setting up yuan clearing arrangements

The yuan clearing arrangement is nothing new to Pakistan as the country has had a currency swap agreement with China since 2011

Rupee likely to open flat amid more losses in yuan, focus on Fed meeting

The rupee is expected at open around 82.76-82.82, compared with 82.7800 in the previous session. The local unit witnesses a late selloff on Monday

Chinese stocks slide as leadership overhaul disappoints investors

The offshore yuan weakened as much as 0.7% to 7.2782 per dollar Monday morning to approach a record low seen last week

China's digital currency passes 100 bn yuan in spending, says central bank

The spending involved 360 million transactions in pilot areas in 15 provinces and municipalities, the People's Bank of China (PBOC) said