Chinese Yuan Overtakes Japanese Yen as Number 4 World Payment Currency

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Yuan has entered the top four of most-used world payment currencies for cross-border payments in August 2015.

Chinese currency yuan has entered the top four of most-used world payment currencies for cross-border payments in August 2015, overtaking the Japanese Yen by value, a report by SWIFT, a network for financial information exchange, revealed.

Overall, global yuan payments increased in value by 9.13 percent in August 2015, accounting for 2.79 percent of global payments in terms of value, while the growth for payments across all currencies decreased in value by 8.3 percent, according to the report published Tuesday.

The top three countries using yuan in August 2015 were China, Hong Kong and Singapore.

The Chinese stock market saw a large-scale sell-off and high volatility in July, sending ripples through markets in Asia, Europe and the United States and culminating in the largest single-day loss in the history of the Chinese stock exchange in August.

 

 

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