"As China's role in the global economy and global trade continues to grow, we expect the international use of the yuan to grow", said Marshall Mills, the International Monetary Fund's senior resident representative in China.

In an exclusive interview with China Perspectives on the sidelines of the 2025 Tsinghua PBCSF Global Finance Forum, Mills said that it is a market-driven outcome that Chinese yuan is being increasingly used globally.

"China has made substantial progress in the international use of the yuan, particularly in trade," he said, adding that central banks around the world are holding larger shares of their foreign reserves in yuan assets, although the share is still low compared to other major currencies.