5 Dec 2013

Yuan now #2 currency for international trade

10:27 am on 5 December 2013

The yuan has overtaken the euro to become the second most-used currency in international trade finance.

The Society for Worldwide Interbank Financial Telecommunication said the market share of the yuan (also known as the renminbi), in traditional trade finance reached 8.66% in October, surpassing the euro on 6.64% .

The ABC reprots global trade remains utterly dominated by the US dollar, with a share of 81.08%.

"The RMB is clearly a top currency for trade finance globally and even more so in Asia," said Franck de Praetere of SWIFT.

China, Hong Kong, Singapore, Germany and Australia were the top five countries and regions using yuan for trade finance as of October.