Yuan settlements remain popular
Print Edition
The yuan has been among the top 10 currencies used for payment for two straight months and remained in 8th place in December, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) said in a report yesterday.
Keeping its place as one of the top 10 most-used currencies for payment by value in November and December was a symbolic milestone achieved by the yuan, Brussels-based SWIFT said.
The yuan has overtaken 22 currencies over the past three years as the government accelerated the globalization of the Chinese currency.
“A question is whether the yuan will continue its climb, or at least maintain its status as a ‘top 10’ currency for payments,” Franck de Praetere, head of payments and trade markets at SWIFT for Asia Pacific, said in the report.
“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,” he said.
From November to December, payments in yuan grew 15 percent and those in other currencies rose 7 percent, he said.
“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,” de Praetere added.
Yuan payments were concentrated in Hong Kong, which has a 74 percent market share by value, according to the SWIFT report.
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