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As de-dollarisation trends persist, can the yuan take the euro’s place?

As de-dollarisation trends persist, can the yuan take the euro’s place?
South China Morning Post Wednesday 10 June 2026, 22:00 UTC By Ji Siqi 1 min read
Key Points

In early April, hours after US President Donald Trump threatened to bomb Iran “back to the Stone Ages” in a prime-time address, China’s yuan-denominated cross-border payment system set a record for transaction volume in a single day. The Cross-Border Interbank Payment System (CIPS) skyrocketed to 1.22 trillion yuan (US$180.3 billion) on April 2, almost doubling the daily average volume in February. The spike occurred as more oil-producing nations rapidly scaled up their share of yuan...

In early April, hours after US President Donald Trump threatened to bomb Iran “back to the Stone Ages” in a prime-time address, China’s yuan-denominated cross-border payment system set a record for transaction volume in a single day. The Cross-Border Interbank Payment System (CIPS) skyrocketed to 1.22 trillion yuan (US$180.3 billion) on April 2, almost doubling the daily average volume in February. The spike occurred as more oil-producing nations rapidly scaled up their share of yuan settlements...
US (LOCATION) Donald Trump (PERSON) Iran (LOCATION) China (LOCATION)
Originally published by South China Morning Post Read original →

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