Chinese Yuan Gains on Dollar to Become World’s No. 4 Most-Used Currency
Here comes the yuan.
"The yuan has surpassed seven currencies in the past three years as a payment currency and now only comes after the U.S. dollar, the euro and the sterling,” London’s Guardian newspaper reports.
Overall, global yuan payments increased in value by 9.13% in August, while payments across all currencies decreased by 8.3%, according to Swift, says the Guardian.
The yuan reached a record high market share with 2.79% of global payments for the month, compared with 1.39% in January 2014.
More than 100 countries used the yuan for payments in August, but more than 90% of flows were concentrated in 10 countries. Singapore processed 24.4% followed by the UK with 21.6%.
More than 1,700 financial institutions made worldwide payments in the yuan, up 14% from a year earlier. About 600 of these do not have an office in China or Hong Kong.