Arab Today, arab today chinas yuan now worlds fifth payments currency
Last Updated : GMT 16:47:16
Arab Today, arab today
Arab Today, arab today

China's yuan now world's fifth payments currency

Arab Today, arab today

Arab Today, arab today China's yuan now world's fifth payments currency

China's yuan
Beijing - AFP

China's yuan has become the world's fifth most widely used payments currency, with the value of cross-border deals settled in it more than doubling in 2014, data from transactions organisation SWIFT showed Wednesday.
The data comes as China looks to make the yuan used more internationally in line with its standing as the world's second-largest economy, while at the same time keeping its value tightly controlled.
The yuan, also known as the renminbi (RMB), overtook the Canadian dollar and the Australian dollar to enter the top five of world payment currencies in November, according to a SWIFT statement.
It has climbed eight spots in fewer than two years, having been in 13th place in January 2013.
The yuan's share of global payments by value reached a new high of 2.17 percent in December, SWIFT said, closing in on the Japanese yen's 2.69 percent.
Total yuan payments rose 102 percent last year, the statement added, dwarfing the overall annual rise of 4.4 percent for all currencies.
Some analysts predict the yuan will one day rival the US dollar in international markets.
"It is a great testimony to the internationalisation of the RMB and confirms its transition from an 'emerging' to a 'business as usual' payment currency," Wim Raymaekers, head of banking markets at SWIFT, said in the statement.
The US dollar remains the top payments currency with a share of 44.64 percent last month, followed by the euro (28.3 percent) and the British pound (7.92 percent), SWIFT data showed.
China has set up yuan clearing arrangements with 10 countries and regions and signed currency swap agreements with 28 central banks.
The commerce ministry said last week it will only issue figures for inward and outward investment in yuan, dropping the dollar statistic, a move that the agency acknowledged was partly an effort to push the local currency's greater international role.
Earlier this month, Customs only issued trade values in yuan at its quarterly briefing, with the official dollar amount made available later on its website.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chinas yuan now worlds fifth payments currency Arab Today, arab today chinas yuan now worlds fifth payments currency

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chinas yuan now worlds fifth payments currency Arab Today, arab today chinas yuan now worlds fifth payments currency

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday