Yuan and dollarGetty ImahesChinese businesses are holding back from converting their foreign exchange earnings into the Chinese yuan.This is due to the yuan's weakness against the US dollar and higher offshore interest rates.The potential for "yuanisation" remains, given China's expanding trade ties and financial infrastructure.China has been trying to expand the clout of the Chinese yuan amid a broader trend to diversify away from the US dollar.However, even Chinese businesses aren't sold on the yuan right now.Official data from the People's Bank of China, the country's central bank, shows that foreign exchange deposits rose from $778.9 billion in September to $832.6 billion in March.This means some Chinese businesses have been holding back from converting their foreign exchange earnings into their home currency.This development appears to be primarily due to weakness in the yuan — which has hit five-month lows against the US dollar after losing nearly 2% to the greenback this year to date.