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Yuan among world's top 10 payment currencies for 2nd straight month

By Hu Xiaocen | January 23, 2014, Thursday | Online Edition

CHINA’S yuan has been included in the top 10 payment currencies for two straight months and remained in eighth place last month, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) said today.

Brussels-based SWIFT said in a report published today that it’s a symbolic milestone for the yuan to have been one of the top 10 most-used currencies for payments in terms of value in both November and December.

The Chinese yuan overtook 22 currencies over the past three years.

“A question is whether the yuan will continue its climb — or at least maintain its status as a ‘Top Ten’ currency for payments. We might expect it to fall back during the first quarter in 2014 as a result of the Chinese New Year, as we have seen previously,” Franck de Praetere, head of payments and trade markets of SWIFT for the Asia Pacific, said in the report.

“The fact that between November and December other currencies grew seven percent whilst the yuan grew 15 percent, however, might suggest that use of the Chinese currency is becoming business as usual for the world’s financial institutions and corporations.

“Now that the yuan has consolidated its position as a globally used currency, we expect the industry’s attention to shift to discussions on the best architecture for yuan cross-border transactions so the market can reach levels of operational efficiency, risk and liquidity management on par with other globally traded currencies,” de Praetere added.

Yuan payments remain concentrated in Hong Kong, which has a 74 percent market share in terms of value, with strong growth seen in the United Kingdom, Singapore and Taiwan, according to the report.

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