Use of ren­minbi as world cur­rency grows

China Daily (Canada) - - NEWSCAPSULE -

The ren­minbi is on track to be­come the third-largest in­ter­na­tional cur­rency be­hind the US dol­lar and the euro within five years, ac­cord­ing to a re­port.

Last year, RMB cross-border trade set­tle­ment amounted to 4.63 tril­lion yuan ($746 bil­lion), up 57.5 per­cent from 2012. It ac­counted for 2.5 per­cent of cross-border trade set­tle­ment world­wide, said a Ren­min Univer­sity of China re­port .

By the end of the fourth quar­ter of 2013, di­rect in­vest­ment set­tled in ren­minbi amounted to 533 bil­lion yuan, 1.9 times the same pe­riod in 2012. The RMB is the fifth-most widely used cur­rency in­ter­na­tion­ally. The Bri­tish pound is third and the Ja­panese yen fourth.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.