In March, 1,657 companies were surveyed. Approximately 71 percent are private businesses, 13 percent are state-owned enterprises, and 15 percent are foreign-funded enterprises.
The findings reflect the challenge Beijing is facing in trying to turn the yuan into a global currency capable of challenging the US dollar’s global hegemony that affords Washington considerable power in imposing crippling sanctions and waging other forms of financial warfare.
Despite Beijing’s determination to increase overseas use of its currency, new survey findings show that “unwillingness among trading partners to use the yuan” remains the most significant barrier to cross-border trade settlements.
According to the first-quarter Cross-Border Yuan Insight report, which was jointly released on Monday by the Bank of Communications, China’s fifth largest bank by size, and Renmin University’s International Monetary Institute think tank, 47.7 percent of surveyed enterprises said a lack of interest among trading partners in using yuan was the main impediment to its proliferation.
The findings highlight Beijing’s challenge in transforming the yuan into a global currency capable of challenging the US dollar’s global hegemony, which gives Washington significant power in imposing crippling sanctions and engaging in other forms of financial warfare.
