China’s Yuan Dislodges Swiss Franc as 7th Most-Used Currency

by swisscham in Business

China’s yuan surpassed the Swiss franc to become the seventh most-used world payments currency in January, global transaction services organization SWIFT said on Thursday. With a market share of 1.39%, the yuan remained one of the top 10 most-used currencies for payments worldwide for the third consecutive month. It ranked eighth in December. Yuan payments increased by 30.6% while the growth for all payment currencies increased by 4.8% in January, SWIFT said. However, yuan payments were still heavily concentrated in Hong Kong, which had a market share of 73%, followed by the UK, Singapore, Taiwan, the United States, France and Australia. “Looking at the first month of 2014, which was the highest payments value recorded for yuan so far, it is clear that the yuan is on its way to remaining a top 10 currency for global payments,” Michael Moon, SWIFT’s Asia Pacific director of payments markets, said in a statement. China is stepping up efforts to make its currency an international one by accelerating reforms in domestic markets as well as introducing pilot programs to allow freer yuan movements cross borders.

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