As de-dollarization trends continue, the Chinese yuan saw a record in cross-border payment transactions following US President Trump's threats against Iran. This surge indicates growing international adoption of the 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...