2 votes

Yuan Overtakes Euro As Second-Most Used Currency In International Trade Settlement: SWIFT

This is from 12/3/2013 but I hadn't seen it at the time:


The Chinese yuan surpassed the euro in October to become the world's second-most-used currency in international trade and finance, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) said in a statement on Tuesday.
Yuan Beats Euro To Become Second-Most-Used Currency In International Trade

The share of the yuan, or renminbi, in trade finance as measured by the Letters of Credit and Collections, grew to 8.7 percent in October, up from 1.9 percent in January 2012, data from the global transaction services organization showed. The yuan now ranked behind the U.S. dollar, which had a share of 81.08 percent, while the euro’s share dropped to 6.6 percent in October, from 7.9 percent in January 2012.

"The [renminbi] is clearly a top currency for trade finance globally and even moreso in Asia," Franck de Praetere, SWIFT's Asia Pacific head of payments and trade markets, told Reuters.

The top five countries using the yuan for trade finance in October were China, Hong Kong, Singapore, Germany and Australia. However, the yuan’s share as a payments currency declined slightly in October to 0.84 percent from 0.86 percent in September, according to SWIFT.

Read the rest at:

Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.



For those who may not yet see the historical significance of what happens when the Old World Reserve Currency Power is used up, and the New World Reserve Currency Power takes over.





Purchases are made with the FUND (Current World Reserve Currency) in a final effort to RESET the playing field.

All sides are Militarized so as to purchase World War, which as everyone knows is "good for the economy".

Lies driving insanity.