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Yuan breaks into top five international payments currencies

China's yuan has become the fifth most used currency for international payments, overtaking the Canadian and Australian dollars in just two months. According to payments coordinator Swift, 2.2% of payments in December were in yuan, putting the Chinese currency just behind the Japanese yen which makes up 2.7% of Swift payments. The Chinese government has made several changes as part of a drive to have the yuan recognised as a major global currency, resulting in the rise of various offshore RMB clearing centres around the world. The US dollar, euro and British pound still hold the top three places in the payment rankings, with the dollar dominating 44.6% of all Swift payments. The euro makes up 28.3% and the pound 7.9% of transactions.

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