Yuan ranks 5th-most used globally
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THE yuan has become the world’s fifth-most widely used payment currency, with the value of cross-border deals settled in it more than doubling in 2014, data from transactions organization SWIFT showed yesterday.
The data come as China looks to make the yuan used more internationally in line with its standing as the world’s second-largest economy.
The yuan overtook the Canadian dollar and the Australian dollar to enter the top five of world payment currencies in December, according to a statement of the Society for Worldwide Interbank Financial Telecommunication.
It has climbed eight spots in fewer than two years, having been in 13th place in January 2013.
The yuan’s share of global payments by value reached a new high of 2.17 percent in December, SWIFT said, closing in on the Japanese yen’s 2.69 percent.
Total yuan payments rose 102 percent last year, the statement added, dwarfing the overall annual rise of 4.4 percent for all currencies.
Some analysts predict the yuan will one day rival the US dollar in international markets.
“It is a great testimony to the internationalization of the yuan and confirms its transition from an ‘emerging’ to a ‘business as usual’ payment currency,” Wim Raymaekers, head of banking markets at SWIFT, said in the statement.
The US dollar remains the top payment currency with a share of 44.64 percent last month, followed by the euro (28.3 percent) and the British pound (7.92 percent), SWIFT data showed.
China has set up yuan clearing arrangements with 10 countries and regions and signed currency swap agreements with 28 central banks.
The commerce ministry said last week that it will only issue figures for inward and outward investment in yuan, dropping the dollar statistics, a move the ministry acknowledged was partly an effort to push the yuan’s greater international role.
Earlier this month, Customs only issued trade value in yuan at its quarterly briefing.
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