Beijing aims to increase the recognition of the yuan globally, aligning its contribution to global payments with China’s share of the global economy. The yuan’s participation in cross-border transactions is expected to grow by 1 percentage point annually, reaching around 17 percent by 2035. Huang Qifan, a former mayor in Chongqing, called for China to improve its yuan settlement services to support the yuan’s adoption in emerging sectors. China has been actively promoting the yuan as an alternative currency in international trade, particularly in response to the perceived weaponization of the US dollar against Russia. Hong Kong’s role as a center for yuan transactions was also supported by the city’s former financial secretary, Antony Leung Kam-chung, at the International Finance Forum annual meeting. China is encouraged to speed up the development of the offshore yuan market in Hong Kong and introduce a wider range of yuan-denominated financial products.
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