Yuan ranks as seventh most used currency for payments

By Hu Xiaocen | February 28, 2014, Friday |

Online Edition

The yuan ranked as the seventh most used currency for payments worldwide in January due to substantial growth in the US and Taiwan, a private report said.

Yuan payments increased 30.6 percent while the growth for payments in all currencies was 4.8 percent. The Chinese currency has been one of the top 10 most used currencies worldwide for three straight months, Brussels-based Society for Worldwide Interbank Financial Telecommunication (SWIFT) said in a report today.

“Looking at the first month of 2014, which was the highest payments value recorded for the yuan so far, it is clear that the yuan is on its way to remaining a top 10 currency for global payments,” Michael Moon, director of SWIFT”s payments markets for Asia Pacific, said in the report.

“Hong Kong continues its role as the leading yuan hub, and we see that the overall expansion of this market allows for strong growth in offshore centers, such as the US and Taiwan. These new offshore markets play a significant role in maintaining the yuan’s position as a ‘business as usual’ world payments currency.”

Yuan payments are heavily concentrated in Hong Kong with an activity share of 73 percent. The eight next most active offshore yuan centers are the UK, Singapore, Taiwan, US, France, Australia, Luxembourg and Germany, which together represent 85 percent of total yuan payments excluding Hong Kong and China’s mainland.

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Yuan ranks as seventh most used currency for payments

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