China's yuan climbs to 5th most used currency in March: SWIFT
Yuan payments increased in value by 33.5 percent in March from a month earlier. At a global level, all currencies increased in value by 18.9 percent during the same period.
By ET Online |
HONG KONG: China's yuan climbed to become the fifth most used global payment currency in March, with a market share of 2.03 percent, said global payment services organisation SWIFT on Thursday.
Yuan payments increased in value by 33.5 percent in March from a month earlier. At a global level, all currencies increased in value by 18.9 percent during the same period.
The "redback" fell to the 7th most used currency in January.
Increase in Canada's RMB payment value was prominent at 213 percent in March compared to a year ago. About 10.2 percent of all direct payments between Canada and China/Hong Kong were in yuan, up from 3.9 percent two years ago.
As a result, the yuan became the second most active currency used by Canada for payments with China and Hong Kong after the Canadian Dollar.
"Canada's new status as a clearing centre should help boost its rank among offshore RMB countries as more Canadian-based companies now have the opportunity to trade with China using the RMB," said Chris Church, chief executive of Americas at SWIFT.
China appointed Industrial and Commercial Bank of China as the yuan clearing bank for Canada last November.
Yuan payments increased in value by 33.5 percent in March from a month earlier. At a global level, all currencies increased in value by 18.9 percent during the same period.
The "redback" fell to the 7th most used currency in January.
Increase in Canada's RMB payment value was prominent at 213 percent in March compared to a year ago. About 10.2 percent of all direct payments between Canada and China/Hong Kong were in yuan, up from 3.9 percent two years ago.
As a result, the yuan became the second most active currency used by Canada for payments with China and Hong Kong after the Canadian Dollar.
"Canada's new status as a clearing centre should help boost its rank among offshore RMB countries as more Canadian-based companies now have the opportunity to trade with China using the RMB," said Chris Church, chief executive of Americas at SWIFT.
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China appointed Industrial and Commercial Bank of China as the yuan clearing bank for Canada last November.
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