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Shenzhen saw a record level of yuan-denominated cross-border payments last year, an encouraging sign for Chinese authorities trying to reduce the country’s reliance on the US dollar amid uncertain relations with the United States. Cross-border yuan payments in the southern city hit a record high of 2.5 trillion yuan (US$386 billion) last year, up 46 per cent from 2019, according to data released earlier this week by the local branch of the People’s Bank of China (PBOC). In addition, cross-border payments denominated in the Chinese currency surpassed those using the US dollar in the January-February period this year, the nation’s central bank said, without providing an absolute number or comparison.

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