Yuan Beats US Dollar to Become Most Used Currency in Cross-Border Transactions in China
Despite surpassing the USD in cross-border payments in China, the use of the yuan in global trade finance remains low.
The value of digital currency surged to a 10-week high on October 11, following the devaluation of the Chinese currency that led to a growing bitcoin demand.
Despite surpassing the USD in cross-border payments in China, the use of the yuan in global trade finance remains low.
Backed by offshore yuan, the new stablecoin adds to three other Tether’s stablecoins pegged to such fiat currencies as U.S. dollar (USDT), Euro (EURT) and the Japanese yen (JPYT).
Global markets, mostly in Asia, are beginning to feel serious impact from the China-U.S. trade war as stocks set record losses, triggering emergency meetings and threats of protest.
Overnight, the Yuan dropped to the lowest point since December 2008, and experts predict further declines.
The value of digital currency surged to a 10-week high on October 11, following the devaluation of the Chinese currency that led to a growing bitcoin demand.
Britain has made its decision in favor of leaving the EU, which stimulated another increase of bitcoin price.