HONG KONG Jan 23 China's yuan has become one of
the world's 10 most-used currencies for payments, overtaking the
Singapore dollar and Hong Kong dollar, global transaction
services organisation SWIFT said on Thursday.
In December, the Chinese currency was
ranked 8th for payments, according to SWIFT.
It said that over the past three years, the yuan had
overtaken 22 currencies, and in December had a market share of
1.12 percent, behind the Swiss franc, with 1.29 percent.
Yuan payments increased 15 percent in December from
November, while those for other currencies rose 7 percent,
according to SWIFT.
In October, the yuan overtook the euro to become the
second-most used currency in trade finance.
Among significant Asian currencies, only the yuan and the
Korean won strengthened during 2013. The "redback" rose 2.8
percent against the U.S. dollar for the year, hitting record
Traders expect the yuan will appreciate by around 3 percent
again in 2014, though China's central bank has kept it on a
tight leash so far this year.
Beijing is stepping up efforts to make its currency an
international one by accelerating reforms in domestic markets as
well as introducing pilot programmes to allow freer yuan
movements cross borders.
Yuan trade settlement has expanded quickly since it first
began in 2009. The percentage of China's trade settled in yuan
rose to about 20 percent in November from 12 percent in 2012,
according to the People's Bank of China.