The yuan gained one position among international trade currencies from the previous ranking by the SWIFT on early September, and three positions form that in January 2012.
Chinese currency, the yuan, has risen to become the eighth most trade currency in the world, with a 1.49 percent market shares in August, the Society for World Interbank Financial Telecommunications (SWIFT) said on Tuesday.
The yuan gained one position among international trade currencies from the previous ranking by the SWIFT on early September, and three positions from that in January 2012. Its market share, meanwhile, improved from 0.92 percent in January 2012 to 1.49 percent in August this year, according to a SWIFT report.
In the same period, the yuan's exchange trading value rose 113 percent, eclipsing Swedish krona, Korean Won and the Russian ruble.
"SWIFT data shows that 60 percent of the yuan foreign exchange trading activity is done out of the United Kingdom - a reflection of the strong position London has in the global foreign exchange market," Patrick de Courcy, deputy chief executive at SWIFT, said in the report.
"The United States is second in global yuan foreign exchange trading, while France - the leading eurozone country in exchanging yuan payments - overtook Singapore in June 2013."
The latest report also noted that though as a world payment currency, the yuan fell one position to the 12th in August, with a market share of 0.84 percent compared to 0.87 percent in July. The Thai Baht was one place higher than the yuan as a payment currency.
A previous Bank for International Settlements survey showed that trading of the yuan in global foreign exchange markets has more than tripled from three years ago due to expansion of offshore trade, making it the ninth most-actively traded currency.
http: //english.caijing. com.cn/2013-10-08/113382759.html
Renminbi usage:
1.49% 8th most traded currency (SWIFT).
0.87% 11th largest payments currency (SWIFT)
2.2% 9th largest foreign exchange transacted currency (BIS)
Chinese currency, the yuan, has risen to become the eighth most trade currency in the world, with a 1.49 percent market shares in August, the Society for World Interbank Financial Telecommunications (SWIFT) said on Tuesday.
The yuan gained one position among international trade currencies from the previous ranking by the SWIFT on early September, and three positions from that in January 2012. Its market share, meanwhile, improved from 0.92 percent in January 2012 to 1.49 percent in August this year, according to a SWIFT report.
In the same period, the yuan's exchange trading value rose 113 percent, eclipsing Swedish krona, Korean Won and the Russian ruble.
"SWIFT data shows that 60 percent of the yuan foreign exchange trading activity is done out of the United Kingdom - a reflection of the strong position London has in the global foreign exchange market," Patrick de Courcy, deputy chief executive at SWIFT, said in the report.
"The United States is second in global yuan foreign exchange trading, while France - the leading eurozone country in exchanging yuan payments - overtook Singapore in June 2013."
The latest report also noted that though as a world payment currency, the yuan fell one position to the 12th in August, with a market share of 0.84 percent compared to 0.87 percent in July. The Thai Baht was one place higher than the yuan as a payment currency.
A previous Bank for International Settlements survey showed that trading of the yuan in global foreign exchange markets has more than tripled from three years ago due to expansion of offshore trade, making it the ninth most-actively traded currency.
http: //english.caijing. com.cn/2013-10-08/113382759.html
Renminbi usage:
1.49% 8th most traded currency (SWIFT).
0.87% 11th largest payments currency (SWIFT)
2.2% 9th largest foreign exchange transacted currency (BIS)
