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Yuan Now Most-Used in Asia for Payments to China, Swift Says

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The yuan has become Asia’s most-active currency for payments to China and Hong Kong, according to the Society for Worldwide Interbank Financial Telecommunications.

The Chinese currency accounts for an average 31 percent of the region’s payments to China and Hong Kong, up from 7 percent in April 2012, Swift said in a statement on Wednesday. Singapore, Taiwan and South Korea have adopted the yuan -- officially known as the renminbi -- for the majority of payments to the Greater China region, according to Michael Moon, head of Asia Pacific payments at Swift in Singapore.