Renminbi overtakes Japanese yen as global payments currency

China’s renminbi has surpassed the Japanese yen to become the world’s fourth-most-used payments currency, despite an unexpected devaluation and concerns about slowing Chinese growth. The renminbi accounted for 2.79 per cent of global payments in value terms in August, up from 2.34 per cent in July and higher than the yen’s 2.76 per cent share, according to Swift, the payments services provider. As recently as August 2012 the renminbi ranked number 12 with 0.84 per cent but has since surpassed the Hong Kong dollar, Swiss franc and Canadian dollar among others. It trails only the US dollar, euro and pound sterling. FT subscribers can read more by clicking the (VIEW LINK)


Livewire News brings you a wide range of financial insights with a focus on Global Macro, Fixed Income, Currencies and Commodities.

Expertise

No areas of expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.