China Promotes Yuan Internationalization to Enhance Trade

China is actively working to internationalize the yuan to facilitate cross-border transactions and enhance its role in global trade, according to People's Bank of China Governor Pan Gongsheng. According to NS3.AI, Pan highlighted that nearly 90% of trade between Russia and China is already conducted in local currencies. He also mentioned that China is promoting the use of the yuan among BRICS members and is engaging with the European Union, Brazil, and countries in the Global South. The upcoming BRICS summit is expected to serve as a platform to further this agenda.