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Last Updated:[20-01-2014 00:26:21 EDT] Zoom in Zoom out Back to Tradenews

Yuan beats Euro as the Second Most Traded Currency in Global Business

tradenews Looks like the Chinese flag is soaring high, with the latest findings that the Chinese Yuan has emerged as the second most used currency in global finance, slowly inching towards the market leading Dollar and surpassing the European might of the Euro. China has actively invested itself in promoting the Yuan as an internationally favoured currency, and this latest revelation will add strength to its emergence as a global superpower.

According to the global transaction services organization SWIFT, the Yuan now commands a market share of 8.66%, a massive hike from its negligible showing of 1.89% in January 2012. However, the mighty Dollar still reigns supreme at 81% share of all global financial transactions. It might be a long while for the Yuan to challenge its bigger counterpart, but all the signs are evident that the Chinese government isn’t taking this fight lightly. Currently, the Yuan (RMB) is a force in Asia, but soon, it is hoped that it will be spoken of in the same breath as the Dollar and Euro, when talking in terms of global trade transactions.

The Chinese Yuan found great use amongst the following ‘Top Five’ countries in terms of their domestic and international trade- China, Hong Kong, Singapore, Germany and Australia. By the looks of it, the trend is just getting started.

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