Yuan Overtakes Euro As Second-Most Used Currency In International Trade Settlement: SWIFTSubmitted by kevink on Sat, 01/11/2014 - 11:56
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.
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