BEIJING, Jan 28 (AFP) : China's yuan has become the world's fifth most widely used payments currency, with the value of cross-border deals settled in it more than doubling in 2014, data from transactions organisation SWIFT showed Wednesday.
The data comes as China looks to make the yuan used more internationally in line with its standing as the world's second-largest economy, while at the same time keeping its value tightly controlled.
The yuan, also known as the renminbi (RMB), overtook the Canadian dollar and the Australian dollar to enter the top five of world payment currencies in November, according to a SWIFT statement.
It has climbed eight spots in fewer than two years, having been in 13th place in January 2013.
The yuan's share of global payments by value reached a new high of 2.17 per cent in December, SWIFT said, closing in on the Japanese yen's 2.69 per cent.
China\\\'s yuan world\\\'s 5th payments currency: SWIFT
FE Team | Published: January 29, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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