Yuan ranks 2nd as currency for trade finance
Print Edition
The yuan overtook the euro to become the second most used currency in global trade finance in October, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) said yesterday.
The use of the yuan in traditional trade finance, such as Letters of Credit and Collections, grew from a 1.89 percent share in January last year to 8.66 percent in October this year, propelling the Chinese currency to second place, said Brussels-based SWIFT.
The yuan ranked behind the US dollar, which remained the leading currency with a share of 81.08 percent.
The euro’s market share fell from 7.87 percent in January last year to 6.64 percent in October this year.
The top three foreign countries using the yuan for trade finance in October were Singapore, Germany and Australia.
“The yuan is clearly a top currency for trade finance globally and even more so in Asia, as shown by SWIFT’s business intelligence statistics on the pace at which China’s exporters and importers and their counterparts use the yuan for Letters of Credit,” said Franck de Praetere, head of payments and trade markets of SWIFT for Asia Pacific.
Globally the yuan was the 12th most used payment currency in October, but it slipped to 0.84 percent from 0.86 percent in September.
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