China’s Shenzhen sees cross-border yuan use jump to record level in 2020

Shenzhen saw a record level of yuan-denominated cross-border payments last year, an encouraging sign for Chinese authorities trying to reduce the country’s reliance on the US dollar amid uncertain relations with the United States.

Cross-border yuan payments in the southern city hit a record high of 2.5 trillion yuan (US$386 billion) last year, up 46 per cent from 2019, according to data released earlier this week by the local branch of the People’s Bank of China (PBOC).