The Yuan has surpassed the dollar as the most used currency in China’s cross border transactions for the first time ever.

According to economic experts, the shift reflects Beijing’s efforts to increase the international use of the Yuan for cross border payments and receipts. The Yuan increased to a record $549.9 billion in March. However, despite its increased usage, it only accounts for 4.5% of global currency transactions for trade finance while the dollar holds a commanding 83.71% share.

The tide may very well change for the dollar because Argentina recently announced that the country will pay for Chinese imports in Yuan rather than dollars.

The country aims to pay around $1 billion of Chinese imports in yuan instead of dollars and thereafter around $790 million of monthly imports will be paid in yuan, according to a statement from the government.

The decision comes as the South American nation battles critical levels in its dollar reserves amid a sharp drop in agricultural exports caused by a historic drought, as well as political uncertainty ahead of elections this year.

In November last year, Argentina expanded a currency swap with China by approximately $5 billion, seeking to strengthen Argentina’s international reserves.