More cross-border payments were made and received in China's yuan last year as the currency becomes an increasingly popular option among foreign trade firms, said a report by the People's Bank of China (PBOC) on Aug 14.

The amount of payments made and received in yuan by banks across China stood at 19.67 trillion yuan (about $2.83 trillion) in 2019, up by 24.1 percent year-on-year, according to the report.

The 2019 figure, a record high, showcased the yuan's stronger presence in the global market as the country deepens financial reforms and opening-up, said Ju Jiandong, director of the Center for International Finance and Economics Research of Tsinghua University.

Foreign trade firms are willing to use the yuan in cross-border transactions because it can help them avoid exchange rate risks, lower costs in settlements, and make accounting and fund management easier, said the report, citing survey results.

The PBOC report said more foreign entities, especially those in neighboring economies and countries along the Belt and Road, will accept the yuan for payments.