US ranks 3rd for paying in yuan globally
Print Edition
THE United States ranked third globally for yuan payments in April, following Singapore and the UK, a private report showed.
The growth in offshore yuan is gaining traction in non-traditional clearing centers such as the US, which jumped ahead of Taiwan in April, Brussels-based Society for Worldwide Interbank Financial Telecommunication (SWIFT) said in the latest report.
The value of yuan payments soared 327 percent between April 2013 and April 2014 in the US, placing the country at No. 3 in the world for yuan clearing activities excluding China’s mainland and Hong Kong.
“The growing adoption of yuan payments in the US to China is a significant milestone that further promotes the cross-border use of the currency,” Michael Moon, SWIFT’s head of payments in Asia-Pacific, said in the report. “This is good news for the internationalization of the yuan as a world payment currency.”
The yuan stayed as the No. 7 global payments currency, taking up 1.43 percent of global payments in April, down from 1.62 percent in March.
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