Use of renminbi as world currency grows
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.