The renminbi’s rise in China’s global transactions

For the first time, over half of China’s global transactions are being settled in renminbi. Most of this renminbi isn’t travelling far – the bulk of settlement is being driven by financial flows with Hong Kong. But there has been a meaningful rise in the renminbi’s use in foreign trade, at least among countries aligned with China. Convincing its largest trade partners, most of whom are allied with the US, will prove harder however.