Yuan over­takes yen in global pay­ment rank­ings

The China Post - - LIFE GUIDE POST -

Main­land China’s yuan has over­taken the Ja­panese yen and moved into fourth place among the world’s pay­ments cur­ren­cies, global trans­ac­tions or­ga­ni­za­tion SWIFT said Tues­day, as Bei­jing pushes greater in­ter­na­tional use of its cur­rency.

The yuan — also known as the ren­minbi — held a 2.79 per­cent share in world pay­ments based on value in Au­gust, SWIFT said in a state­ment, best­ing the yen’s 2.76 per­cent. The yen’s po­si­tion eroded to fifth place.

SWIFT stressed that over the last three years the yuan has jumped past seven cur­ren­cies. In Au­gust 2012 it ranked 12th with a share of just 0.84 per­cent.

“The cur­rency has also fur­ther es­tab­lished it­self as the dom­i­nant cur­rency for trade fi­nance be­hind” the U. S. dol­lar, it added.

In Au­gust the green­back ranked as the top pay­ments cur­rency with a 44.82 per­cent share, SWIFT said, fol­lowed by the euro at 27.20 per­cent and the Bri­tish pound at 8.45 per­cent.

China is seek­ing to make the yuan used more in­ter­na­tion­ally in line with its stand­ing as the world’s sec­ond-largest econ­omy.

Some an­a­lysts pre­dict the unit will one day ri­val the U. S. dol­lar, cur­rently the world’s key re­serve cur­rency.

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