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US ranks third globally in yuan payments
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THE United States ranked as the third biggest market in the world for yuan payments in April, following Singapore and the United Kingdom, a private report showed.
Offshore yuan payments are 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 said in a report.
The value of yuan payments increased 327 percent between April 2013 and April 2014 in the US, placing the country third in the world for yuan clearing activities, excluding China's mainland and Hong Kong.
"The rising use of yuan payments in the US is a significant milestone that further promotes cross-border use of the currency", Michael Moon, SWIFT's head of payments in Asia Pacific, said in the report.
"Data suggests that the US is increasingly using the yuan to support its corporations that want to reach more suppliers in China's mainland. This is good news for the internationalization of the yuan as a world payments currency," he added.
The yuan held its position as the seventh-ranked global payments currency and accounted for 1.43 percent of global payments in April, down from 1.62 percent in March.
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