Yuan Doubles Share of Global Currency Trading, BIS Survey ShowsRobin Ganguly and Justina Lee
China’s yuan has become the world’s most actively traded emerging-market currency, almost doubling its share of turnover in the three years through April 2016, according to the latest triennial survey conducted by the Bank for International Settlements.
- Yuan’s avg daily turnover rose to $202b in April from $120b in the same month of 2013, boosting its ratio of global foreign-exchange trading to 4% from the previous 2%, the survey results show
- That puts the currency in eighth place overall; Dollar-yuan became the sixth-most traded currency pair, advancing from ninth place in 2013, BIS says
- Dollar increased its lead as the most-traded currency with 88% of deals, up a percentage point from three years ago; euro remained No. 2, though its share fell to 31%
- "China’s internationalization agenda and official efforts to encourage greater yuan usage" have contributed to the increase in yuan trading, Eddie Cheung, a foreign-exchange strategist at Standard Chartered Plc, said before the release of the BIS data
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