Yuan Overtakes Yen as World's Fourth Most-Used Payments Currency
- Shows August devaluation didn't drive people away, DBS says
- Share of global payments rises to 2.79%, versus yen's 2.76%
This article is for subscribers only.
China’s yuan overtook Japan’s yen to become the fourth most-used currency for global payments, shrugging off a surprise devaluation to rise to its highest ranking ever and boosting its claim for reserve status.
The proportion of transactions denominated in yuan climbed to a record 2.79 percent in August, from 2.34 percent in July, according to a Society for Worldwide Interbank Financial Telecommunications statement on Tuesday. It was second for global issuance of letters of credit by value with a 9.1 percent share, compared with 80.1 percent for the U.S. dollar.