Thursday, July 31, 2014   

Yuan retreats in trade payments ranks
(03-27 16:59)

Use of the yuan as a global payments currency retreated in February, transactions organization SWIFT said.
The yuan dropped back to the 8th most-used currency for payments worldwide, the Society for Worldwide Interbank Financial Telecommunication said, just behind the Swiss franc. In January, the yuan surpassed the Swiss unit to 7th place.
On a value basis, global payments in yuan plunged 8.5 percent in February from January, SWIFT said. It did not give the amount.
SWIFT attributed the fall in ranking and transaction value to the long holiday for the Chinese New Year and the comparatively fewer days in February.
But the yuan weakened for much of February, at one point closing at an eight-month low.—AFP



   
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