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Building Yuan from strength to strength

2013
Building Yuan from strength to strength
  • In 2013, China started seeking a larger role for its money in global trade and investment and China loosened controls on the "exchange rate and borrowing costs" to make that happen.
  • Agreements were advertised in China regarding "the start of direct currency trading" amongst yuan, British pound and Singapore dollar.
  • Moreover, the opening of Chinese capital markets was leading to its larger international circulation.

Yuan trumps Canadian dollar for global payments

28 Jan 2015
Yuan trumps Canadian dollar for global payments
  • The Canadian dollar was overtaken by yuan to rank fifth for use in global payments.
  • This jump bolstered its case for becoming a reserve currency with the International Monetary Fund.
  • More than 50 global banks have already held yuan as a reserve currency further strengthening its case.
  • The dollar and euro remained the two most used currencies, followed by the pound and Japan's yen.

Reforms in China making Yuan stronger

5 Oct 2015
Reforms in China making Yuan stronger
  • The reason behind Yuan's climb as a payment currency has been due to the narrowed gap between its onshore and offshore prices.
  • This narrowing of the gap has been mostly because of the recent foreign exchange reforms implemented by China's central bank.
  • Chinese efforts to check capital outflows and gain confidence in 'stable foreign exchange rates' eased investor concerns making Yuan flourish

Renminbi overatakes 7 currencies in 3 years

6 Oct 2015
Renminbi overatakes 7 currencies in 3 years
  • The Renminbi overtook seven currencies during the last 3 years reaching a record high share of 2.79% in global payments in August 2015.
  • Within the last year, over 1,700 financial institutions advanced worldwide payments in RMB, marking a 14% rise compared to 2014.
  • Previously the Renminbi (Yuan/RMB) was ranked number 12 with a share of 0.84% as a world payment currency in 2012.

Singapore and UK use Yuan the most

Fact
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The Yuan was most used in Singapore (24.4%) followed by the United Kingdom (21.6%).

Yuan the 4th most-used payment currency

6 Oct 2015
Yuan the 4th most-used payment currency
  • According to the global transaction services organisation SWIFT, China's Yuan became the fourth most-used world payment currency by overtaking Japanese yen in August.
  • Currently, Yuan is only after the "US dollar, the euro and the sterling" as a payment currency.
  • The payments for Yuan increased in value by 9.13% while the other currencies decreased by 8.3%.