Yuan flexes its muscles in international trade

On the rise: Shipping containers beyond a fishing boat near the Yangshan port in Shanghai. Chinese banks are increasingly lending overseas in their local currency, which works out cheaper for borrowers because of high US interest rate. — Bloomberg

THIS year’s near-doubling of the yuan’s share as a global payments currency has largely gone unremarked because the figures are still rather modest, and forecasts of the dollar’s impending demise have so far turned out to be greatly exaggerated.

Besides, the world’s attention is fixated on China’s wobbly domestic growth.