China-linked trade settlements in yuan grew from 13 per cent in 2019 to 30 per cent last year, although they still lagged the country’s relative weight in the global economy, the New York-based investment bank said in a research note.
Total cross-border yuan transactions also rose “sharply” from 9 trillion yuan (US$1.32 trillion) in 2017 to 64 trillion yuan in 2024, according to the note by the bank’s China economist Chen Xinquan.
Yuan invoicing for goods imports had roughly doubled since 2020 across sample countries, but still accounted for only 1.5 per cent of the total in 2023, according to Goldman Sachs. The currency’s share of global payments reached about 3 to 4 per cent over the past two years, Chen wrote, noting that it also made up about 2 per cent of official global reserves in 2025.
“RMB international use has improved but still trails China’s global footprint, implying solid potential to grow in the future,” Chen said.
