China Promotes Yuan Usage Amid Trade Disruptions

China is actively promoting the use of the yuan in international trade. This comes amid global trade disruptions and rising U.S. tariffs. The People's Bank of China (PBOC) is seizing this moment to expand the yuan's reach. Cross-border yuan payments surged to a record in March. This indicates a growing appetite for the yuan as a global currency. The PBOC is taking steps to promote cross-border yuan settlement and strengthen its payment network. China UnionPay is expanding its network in Southeast Asia. The PBOC is also pushing for commodity trades to be settled in digital yuan. These moves highlight China's desire for financial independence from the West.