For the first time ever, the Chinese yuan is one of the world’s ten most frequently traded currencies, according to a Bank of International Settlements (BIS) survey.
The currency ranked ninth on the bank’s top-ten list, jumping eight places from the seventeen spot it held when the survey was last conducted three years ago.
BIS attributes the move to the rapid growth of offshore yuan trading, which boosted the currency’s daily turnover by three-and-a-half times since the last survey to $120 billion.
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