Yuan drops to 7th place among world鈥檚 payment currencies
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THE yuan has fallen to seventh place among the world’s payment currencies, global transactions organization SWIFT said yesterday, even as China tries to push greater global use of the currency.
The yuan held a 1.81 percent share in world payments based on value in February, SWIFT said in a statement yesterday, down from 2.06 percent in January, when it stood in fifth place.
The Swiss franc and the Canadian dollar overtook the Chinese currency last month, SWIFT data showed.
It attributed the weaker showing to the “seasonal effect” of the Chinese New Year, when business slows because of a weeklong holiday.
But the demotion also comes amid mounting worries over China’s slowing economy, though officials have denied strong capital outflows.
The country is seeking to make the yuan used more internationally in line with its standing as the world’s second-largest economy. Some analysts predict the yuan will one day rival the US dollar.
Although the yuan is not freely convertible, China is in talks with the International Monetary Fund for the Washington-based institution to add the yuan to its basket of reserve currencies.
At a meeting with senior Chinese officials in Beijing, US Treasury Secretary Jacob Lew said: “It is critical that China continue to move to a more market-determined exchange rate and a more transparent exchange rate policy.
“We look forward to working with China as it continues to deepen its financial reforms and becomes more integrated into, and assumes greater responsibility in, the global financial system.”
Hong Kong, which is considered the business gateway to the Chinese mainland, handles more than 70 percent of global payments in yuan, SWIFT said, but the share of other countries is growing.
“Broader support by more countries beyond Hong Kong, underlining its international use, suggests the potential for future clearing centers and further development of the currency,” Michael Moon, head of payments for Asia-Pacific at SWIFT, said in the statement.
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