The currencies of China's trading partners have weakened faster than the yuan recently, eroding the country's export competitiveness and hampering its recovery

Yuan trading accounted for more than 40% of all foreign currency changing hands on the Moscow Exchange in 2023, triple the year before

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