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Yuan is world's fifth payment currency

China’s yuan overtakes Canadian and Australian dollar, Swift Banking Network says

Baku. 28 January. REPORT.AZ/ The Chinese currency is now the fifth most-used currency for international payments, according to Swift, the organization that banks use to coordinate international transactions, Repor informs citing foreign mass media. 

The Chinese currency is now the fifth most-used currency for international payments, according to Swift, the organization that banks use to coordinate international transactions.

That represents another step forward in the Chinese government’s drive to have the yuan recognized as a major global currency, ultimately perhaps achieving the same status as the dollar and euro.

Swift said Wednesday that 2.2% of all Swift payments in December were denominated in yuan. The currency, also known as the renminbi, rose two places in the rankings in just two months, leapfrogging over the Canadian and Australian dollars.

That puts the Chinese currency only just behind the Japanese yen, which makes up 2.7% of Swift payments.

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