China’s Yuan Moves into Top Five Payment Currency

China’s yuan broke into the top five as a world payment currency in November, overtaking the Canadian dollar and the Australian dollar, global transaction services organisation SWIFT said on Wednesday.

After nearly a year firmly positioned at seventh spot, the yuan reached a record high share of 2.17 percent in global payments by value and is in sight of the Japanese yen, which has a share of 2.69 percent.  The U.S. dollar, euro and British pound remain the top three world payment currencies.

“It is a great testimony to the internationalization of the RMB and confirms its transition from an ’emerging’ to a ‘business as usual’ payment currency,” Wim Raymaekers, Head of Banking Markets at SWIFT said in a statement.

CNBC

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