Yuan Passes Euro as 2nd-Most Used Trade-Finance Currency
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China’s push to promote the yuan in the international market is starting to take root.
The yuan accounted for 8.66 percent of letters of credit and collections used in global trade finance in October, second only to the dollar and surpassing the euro’s 6.64 percent share, the Brussels-based Society for Worldwide Interbank Financial Telecommunication said in a statement yesterday.