Yuan now 5th widely used currency
Print Edition
THE yuan reclaimed its position as the world’s fifth-largest payment currency in March from seventh in February as foreign companies increasingly use the Chinese currency for trade and investment with China, SWIFT said in a report yesterday.
The yuan accounted for 2.03 percent of payments worldwide in March, up from February’s 1.81 percent, according to the Society for Worldwide Interbank Financial Telecommunication, a payment service network.
This made the yuan the fifth-largest payment currency after the US dollar, euro, pound and yen, SWIFT said.
The yuan’s fall in February was due to fewer working days because of the weeklong Spring Festival holiday, SWIFT said.
The yuan’s climb up the ladder was also helped by Canada where it became the second-most used currency for payments with China, lagging only the Canadian dollar.
The appointment of the Industrial and Commercial Bank of China in March as a yuan clearing bank for Canada has made the country the only yuan clearing center and trading hub in the Americas, said Chris Church, SWIFT’s chief executive of Americas and global head of securities.
China is pushing for the yuan to join the US dollar, euro, pound and yen as a reserve currency at the International Monetary Fund.
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