The yuan is on track to surpass the yen as the second-most traded currency against the US dollar in the foreign-exchange options market, according to Andrew Batchelor, head of LCH ForexClear. This shift is expected to be confirmed in the Bank for International Settlements' next triennial survey in 2028. The yuan's internationalization is gaining momentum due to China's economic growth and various government measures aimed at promoting its global use. Currently, the global daily average volume of yuan foreign-exchange options stands at $82 billion, compared to $102 billion for the yen and $236 billion for the euro. The dollar's dominance remains strong, accounting for 89% of global currency transactions, but geopolitical tensions have led to a record 51.1% share of international transactions in the dollar. LCH is also planning to enhance the use of Chinese government bonds as collateral in global transactions, starting with euro and dollar-denominated bonds in 2025 and extending to offshore yuan bonds by early 2026.