China’s Yuan Hits Record Settlement Streak: $4.3T and Counting

Beijing’s currency machinery just hit overdrive—4.3 trillion yuan settled in a single streak, smashing previous records. Who needs crypto when the PBOC’s printing press runs this hot?

Behind the numbers: A mix of forced corporate conversions and quiet capital controls doing the heavy lifting. But hey, at least the spreadsheets balance.

The real kicker? This surge coincides with yet another ’temporary’ dip in China’s corporate debt defaults. Nothing stabilizes markets like a little... administrative guidance.

China Promotes QR-Code Payments To Push Chinese Yuan Globally

China has launched a new QR-code payment facility called UnionPay and is majorly promoting it in Southeast Asian countries. This means that tourists and small businesses in these Southeastern countries can easily pay using the Chinese yuan through the QR-code scanner. According to the latest report from Reuters, around 30 countries outside China have been facilitated with the QR-code payment facility.

The development makes spending money internationally by tourists and small businesses an automatic option in the Chinese yuan. It is no longer an ‘investment’ currency anymore as its usage can be done on foreign soil by regular people. Reports also state that the PBOC is working towards making QR-code payments soon available for commodity trade settlements.

Efforts to price every commodity from oil to gold and other metals in the Chinese yuan are slowly taking place. The global financial architecture could change dramatically when the facility extends to the commodity sector. The settlements WOULD be massive, giving China and the Chinese yuan a major boost in the arm.