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Yuan breaks into top five international payments currencies

Currency

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 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 dollar, euro and British pound still hold the top three places in the international payments league table, with the US dollar dominating 44.6% of all Swift payments, the euro making up 28.3% and the pound 7.9%.

 

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