China’s Yuan Joins Top Five Payment Currencies

China’s currency has been outrunning both the Canadian and Australian dollars since November, according to a SWIFT statement. Some experts say the yuan could eventually overtake the American dollar share in international markets.

MOSCOW, January 28 (Sputnik) — The Chinese yuan has become the world’s fifth most used payment currency, data from the SWIFT banking transaction network showed Wednesday.

“The RMB breaking into the top five world payments currencies is an important milestone,” Wim Raymaekers, Head of Banking Markets at SWIFT said in statement Wednesday.

The renminbi (RMB) is the official name of the Chinese currency, while the yuan is the basic unit of the renminbi.

Full article: China’s Yuan Joins Top Five Payment Currencies (Sputnik News)

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