Banks expect cross-border yuan use to accelerate

Survey reveals rapid growth in settlement, finance transactions

Chinese and overseas banks polled in a survey say they will continue to increase their use of the yuan in cross-border settlement, finance and investment, and have higher expectations for its international status as a major world currency in future.

Research carried out by Bank of China Ltd showed that of the 807 foreign companies questioned, more than 40 percent thought the yuan is likely to become as important a world currency as the US dollar and the euro. The survey questioned 3,162 Chinese and foreign companies.