Chinese yuan's share in global payments hits record in March

A teller counts cash at a bank branch in Hangzhou, capital of East China's Zhejiang province. -Photo by Hu Jianhuan/For China Daily

BEIJING, April 30 (China Daily/ANN) - The yuan's share in international payments and settlement under the capital account hit a record in March, as cross-border investment replaced trade as the driving force for the Chinese currency's internationalization campaign, according to financial experts.

The country's forex regulator, the State Administration of Foreign Exchange, reported that yuan-denominated cross-border payments accounted for 38 percent of all the currencies by the end of March, a historic high since the figures were published.