Yuan’s Global Use Faces Test as Xi’s Reforms Rattle Markets
- Transaction data from Swift, Beijing are both due this week
- China outflows last month could have dented yuan use, ANZ says
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The Chinese yuan has been making inroads in the world of cross-border payments in recent years, but a pair of data points due this week will reveal whether the country’s sudden industry crackdowns have dented international trust in the currency.
The Society for Worldwide Interbank Financial Telecommunication, also known as Swift, and China’s foreign-exchange regulator will both announce figures this week that together paint a picture of the yuan’s role in international trade and investment. Previous data through June showed a steady increase in its use but that was before a regulatory crackdown escalated in July.