More international payments being made in yuan, report says

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THE yuan has become the 13th most used currency for international payments, a private report showed today.

Cross-border yuan payments through Singapore rose 30 percent month on month in January. Payments through London grew even faster, at 40 percent, keeping the UK capital at the top of the list of centers for international yuan flows, Standard Chartered Bank said in the report today.

The monthly indicator that tracks the globalization of the yuan, compiled by the UK-based lender, rose 8.2 percent month on month to 809 in January, the fastest growth since Singapore and London were included in the index, according to the report.

"The recent appointment of a new clearing bank in Singapore is set to boost retail conversion and help the city attract more yuan flows, adding to its strength in facilitating cross-border yuan payments. In Taipei, yuan business has gotten off to a strong start since its introduction in February," the report said.

Trade settlement and other international payments in yuan were the biggest contributor to the index in January. They boosted the currency to the 13th most used currency, surpassing the Russian ruble and Danish krone.

The lender said more companies will switch to invoice bills in yuan this year, and the index is expected to reach at least 1,200 by year-end.

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