Beijing: According to official data cited by Reuters on Wednesday, the yuan overtook the US dollar as the currency used the most in cross-border transactions in China last month.   

The outlet's calculations, based on information from the State Administration of Foreign Exchange, show that cross-border yuan payments and receipts increased significantly in March, from a record $434.5 billion in February to $549.9 billion.  

In 48.4% of all cross-border transactions, the Chinese yuan was used, which reflects a trend away from the dollar and Beijing's initiatives to encourage its use. The proportion of the dollar in international transactions conducted by China decreased from 48.6% in February to 46.7% in March.   

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According to the outlet, cross-border transactions account for both current and capital accounts. Despite still being a small portion of global settlements, the yuan's share has been steadily increasing over the past few years.   

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The Western world's broad sanctions against Russia, a major producer and exporter of energy, have accelerated China's efforts to abandon the dollar in international trade. Indian policymakers have also taken steps to replace the dollar in trade with Moscow with rubles and rupees. 

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Since last year, Russia has increased the use of alternative currencies in its transactions. The Chinese yuan should be used more frequently, according to President Vladimir Putin, not only in trade with China but also in dealings between Russia and nations in Africa and Latin America.

The yuan has established itself as a key player in Russia's international trade, according to the most recent data from the Bank of Russia.