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    Home / News / Business News / Yuan the 4th most-used payment currency
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    Yuan the 4th most-used payment currency

    Yuan the 4th most-used payment currency

    By Vaneet Randhawa
    Oct 06, 2015
    05:58 pm

    What's the story

    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%.

    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.

    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.

    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

    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.

    Do you know?

    Singapore and UK use Yuan the most

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

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