Yuan’s global clout climbs

By Hu Xiaocen | October 8, 2013, Tuesday |

Online Edition

The yuan became the eighth most traded currency in the world with a 1.49 percent market share in August, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) said today.

The yuan gained three positions among international trade currencies and its market share improved from 0.92 percent in January 2012, according to a SWIFT report.

In the same period, the Chinese currency’s foreign exchange trading value increased by 113 percent to overtake the Swedish krona, Korean won and Russian rouble, according to the report.

“SWIFT data shows that 60 percent of the yuan foreign exchange trading activity is done out of the United Kingdom - a reflection of the strong position London has in the global foreign exchange market,” Patrick de Courcy, deputy chief executive at SWIFT, said in the report.

“The United States is second in global yuan foreign exchange trading, while France – the leading eurozone country in exchanging yuan payments – overtook Singapore in June 2013.”

As a world payment currency, the yuan fell one position to 12th in August, with a market share of 0.84 percent compared to 0.87 percent in July.

Economy

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Yuan’s global clout climbs

Email this to your friend