Central China's Hunan province has conducted trials of local currency settlement to help African countries ease the pressure of cross-border settlement due to foreign exchange shortage

"Supply and demand in the domestic foreign exchange market remained balanced"

The International Monetary Fund has raised the weighting of the renminbi in the basket of currencies that make up the Special Drawing Rights－an international reserve asset also known as the SDRs－by 1.36 percentage points to 12.28 percent.

Regarding international payments, excluding those within the Eurozone, the RMB ranked sixth

The deal has a size of 300 billion yuan (about $44.6 billion), or 65 billion Singapore dollars. It will be valid for five years

Its size has also been expanded from 500 billion yuan (about $75 billion) to 800 billion yuan.

China's monetary authorities are planning to expand the cash-pooling service of integrating domestic and foreign currency accounts to more multinational companies

The Chinese currency yuan’s weighting was raised to 12.28 percent from 10.92 percent in its first regular review of the SDR evaluation since the yuan was included in the SDR basket in 2016

Myanmar traders have hoped that the Chinese currency renminbi (RMB) accounts in four private banks would accelerate border trade.

"...few will deny that the RMB is set to become a more important player on the world stage"

The orderly expansion of digital renminbi trials in China is expected to advance its research and development and wide-range applications, experts said on Apr.4, as the nation works to build a robust ecosystem for its digital currency, or e-CNY.