The Chinese Yuan has surpassed the Japanese Yen to become the fourth largest currency in the world in terms of global payments. The Yuan is currently fourth to the U.S. Dollar, Euro, and the British Pound, according to Swift (Society for Worldwide Interbank Financial Telecommunications).
Swift reported that in August, Yuan payments increased in value by 9.13%, while global payments decreased in value overall by 8.3%. The Yuan’s market share is currently a record 2.79%, up from 1.39% in January 2014.
In terms of trade finance, the Yuan makes up 9.1% of global credit, and is the second largest currency in this use.
In terms of foreign exchange trade, the Yuan is mainly used China and Hong Kong, but it also present in the United Kingdom, United States, Singapore, and France.
Source: inews.qq.com
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Keywords: global payments Swift Chinese Yuan
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