In terms of international payments, excluding payments within the eurozone, the yuan ranked fifth with 2.29% in January 2022

Bank Indonesia reports that transactions using the local currency settlement facility reached $2.53 billion in 2021, more than double the value recorded in 2020

Progress by emerging Asian nations in using local currencies in trade and investment has strengthened the regional financial safety net, the PBOC chief said

BOC International global chief economist Guan Tao said Fed tightening may cut foreign capital inflows, shrinking China's trade surplus and helping stabilise the yuan

Slowing economic momentum and policy easing in China has cast a pall over the yuan's mid-term outlook, which is historically an ill wind for neighbours

Policymakers could increase yuan's flexibility, expand capital outflows, or control capital inflows to rein in the currency, which could deviate from economic fundamentals in the short term

Third-quarter earnings figures contrasted with the previous year, which had benefited from high trading activity thanks to a massive injection of cash into capital markets by the Fed.

Remark underscores how a weak yen has become a tricky political issue for Japan, which has historically focused on preventing a strong currency from hurting the country's export sector

Dealers said pre-lunar new year holiday corporate demand has helped push the yuan higher while the central banked stayed silent

After the announcement, S&P Global downgraded Sri Lanka, reflecting the deterioration of the country's ability to maintain foreign reserves

Domestic media and some market participants have warned of the potential demerits of a weak yen, which pushes up import prices and households' cost of living

The Chinese yuan has been one of the best-performing Asian currencies this year, rising about 3% against a strengthening US dollar. It is now at its strongest since late 2015