‘Pivot to China’ gathers pace as Starmer lands in Beijing

Reuters: “We have seen quite a few cycles of China trying to internationalise yuan and then pulling back,” said a banker at a global bank with China presence. “This time it’s different … Trump policies are very conducive for boosting yuan usage.”

More than half of China’s cross-border transactions are now settled in yuan, from almost none 15 years ago, while nearly half of China’s overseas bank lending is now in renminbi, according to the latest data from the PBOC and SAFE…