Yuan overtakes Yen for first time in currency rankings


yuanThe Chinese yuan has become the world’s fourth most-used payment currency ahead of the Japanese yen, according to the global transaction services organisation Swift. It now only trails the US dollar, the euro and sterling.
Despite the slowdown in the Chinese economy, global payments in the yuan increased in value by 9.13% in August, bucking a trend which saw payments across all currencies drop by 8.3%. In the same month, it captured a record 2.79% global market share.
Although more than 100 countries used the yuan for payments in August, 90% of transactions took place in 10 countries led by Singapore (24.4%) and the UK (21.6%). More than 1,700 financial institutions made worldwide payments in the yuan, up 14% from a year earlier. About 600 of these did not have offices in either China or Hong Kong.

Source: theguardian