TOKYO/SHANGHAI -- A Chinese clearing and settlement services system aimed at internationalizing the yuan saw its use grow about 80% in value terms last year, a Nikkei survey finds, a rising challenge to the hegemony of the U.S. dollar.
Since the People's Bank of China began operating the Cross-border Interbank Payment System in October 2015, hundreds of banks in 89 countries and regions have participated. The system processed 26 trillion yuan ($3.77 trillion) of payments in 2018.
