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Market Chatter: Yuan Payments Surge as Iran, Russia Ditch Dollar for Oil Trade

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-- Yuan-based trade settlements surged 50% in March on China's Cross-border Interbank Payment System to 1.46 trillion yuan, triple the 2021 levels, Nikkei Asia reported Monday.

With Iran tolling Hormuz tankers in yuan and crypto, and Russia locked out of SWIFT, demand for China's currency is soaring, according to the report. Saudi Arabia also now settles 41% of oil deals in yuan.

However, the yuan's global share as settlement currency is just 3% versus the U.S. dollar's 51%, Nikkei Asia wrote.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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