Wednesday, April 23, 2014   

Yuan surpasses euro in trade finance
(12-03 19:04)

The yuan has overtaken the euro to become the second most-used currency in international trade finance, a global transaction services organization said.
The market share of the yuan in traditional trade finance reached 8.66 percent in October, surpassing the euro on 6.64 percent, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) said in a statement.
Global trade remains utterly dominated by the US dollar, which it said had an 81.08 percent share.
“The RMB is clearly a top currency for trade finance globally and even more so in Asia,'' said Franck de Praetere, Asia Pacific head of payments and trade markets for SWIFT.
The organization said China, Hong Kong, Singapore, Germany and Australia were the top five countries and regions using yuan for trade finance as of October.—AFP
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