In March, the Chinese yuan surpassed the US dollar as the most commonly used currency for cross-border transactions in China, according to official data. This development reflects Beijing's ongoing efforts to promote the international use of the yuan.

The total value of cross-border payments and receipts in yuan reached a record high of $549.9 billion in March, up from $434.5 billion in the previous month. This information was calculated by Reuters based on data provided by the State Administration of Foreign Exchange.

The yuan accounted for 48.4% of all cross-border transactions in March, as calculated by Reuters, while the dollar's share fell to 46.7%, down from 48.6% in February.

Cross-border transaction volumes include both current and capital account transactions.

For some time, China has been actively encouraging the use of the yuan for settling cross-border trade as part of a broader strategy to increase the global usage of its currency.

Despite these efforts, the yuan's overall share in international trade finance remains relatively small, though it has been gradually rising. According to data from the financial messaging network SWIFT, the yuan's share of global currency transactions for trade finance increased to 4.5% in March, while the dollar's share stood at 83.71%.