The use of the yuan in Chongqing’s cross-border trade settlements has grown by 100 percent to 75 billion yuan in 2014, reflecting the swift adoption of the currency in trade finance.

The Chinese currency has been gaining traction in cross border trade in recent years, as multinational companies seek to manage foreign exchange risk, lower transaction costs and process payments quicker.

In 2013, the yuan surpassed the euro as the second most used currency in international trade finance.