The business volume of cross-border payments of the Chinese currency renminbi (RMB) grew rapidly in 2021, a report from the People's Bank of China showed.

The proportion of claims in Chinese yuan climbed to a new high in total foreign exchange reserves in the last quarter of 2021, latest IMF data showed. Experts have attributed the change to China's rising economic position and unswerving push for the yuan's internationalization.

More digital renminbi trials are expected this year, including some in Zhejiang province, as part of China's efforts to build a robust ecosystem for its digital currency, experts said on Mar.25.

Ever since June 2021, the renminbi has been performing strongly relative to the US dollar. It has been the first time for the Chinese currency to show such sustained performance against the US dollar since China introduced foreign exchange reforms in August 2015.

Several provinces in China said they will increase electricity prices for virtual currency mining activities to accelerate the elimination of remaining mining enterprises.

The Chinese yuan is likely to hold its strength as a safe haven for global investors seeking shelter against geopolitical conflicts, leaving more policy space for China's central bank to support the economy, experts said on Feb.24.

Red packets containing the digital yuan, or e-CNY, were distributed in several cities to boost consumption while China is taking the opportunity of Spring Festival and the Beijing Winter Olympics to further test and promote broader use of its digital currency.

China's relatively strong currency, the renminbi, or yuan, was based on its good performance in its balance of payments in 2021.

China's central bank on Thursday said that it has extended a bilateral currency swap agreement with its counterpart in Indonesia.

The Chinese currency renminbi (RMB), or the yuan, climbed one position to become the fourth most active currency for global payments by value in December 2021