The country’s big banks, suspected of often doing Beijing’s bidding, have continued buying yuan despite the currency rising
The People's Bank of China said the deal "will help strengthen financial cooperation" and "expand the use of local currencies"
A month-end scramble for cash and a flood of government bond sales triggered an overnight record surge in rate for pledged repo on October 31
The Chinese yuan has fallen by about 6% against the US dollar so far this year, a level not seen since the 2008 global financial crisis
The yuan is one of region's worst performing currencies and has depreciated about 6.1% against the US dollar so far this year
Hedge fund EDL says China's weakening offshore currency could be the markets’ next 'black swan event'
China inflows have plummeted to their lowest since records began 25 years ago, removing a core support for the country’s currency
India, the world's third biggest oil importer and consumer, currently pays for UAE oil in dollars but is looking to cut transaction costs by eliminating conversions
Sources claim two of India's three private refiners have settled some recent Russian oil import deals in Chinese yuan
The move is China's latest effort to enable the internationalisation of the yuan and protect its economy from capital outflows and geopolitical risks
Prior to sanctions imposed by the West, which cut Moscow off from international financial systems, Russia made the dividend payments in dollars
The deal, for 100,000 tonnes of crude from Moscow, was completed in the Chinese currency and not the US dollar which dominates international oil trade