China's yuan is steadily advancing its status as a global currency, surpassing a three percent share milestone in international payments, according to a central bank official.

Yuan settlements reached 24 percent of the country's trade in goods in the January-July period, China Daily newspaper reported, quoting Jin Zhongxia, head of the International Department of the People's Bank of China.

Furthermore, overseas entities allocated 9.8 trillion yuan ($1.34 trillion) worth of assets by the end of June, he added

The currency currently ranks as the fifth-biggest currency for foreign reserves, payments and transactions, as well as the third-largest trade financing currency, Jin said.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.