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China's Yuan gaining ground as world currency even for the US

Wednesday, June 11th 2014 - 01:54 UTC
Full article 11 comments
 The US figures only behind Singapore and UK in Yuan payments value The US figures only behind Singapore and UK in Yuan payments value

SWIFT's Tracker for the Chinese currency (Yuan or Renminbi, RMB) shows that United States' Yuan payments value increased by 327% between April 2013 and April 2014, placing the United States at number three 3 in the world for payments value, excluding China and Hong Kong.

 In April 2014, 2.6% of total RMB payments value was carried out via the United States, up from 1.3% one year ago. Singapore remains in the top position followed by the United Kingdom.

“The growing adoption of RMB payments in the United States to China/Hong Kong corridor is a significant milestone that further promotes the cross border use of the currency”, says Michael Moon, Head of Payments, Asia Pacific, SWIFT.

“Although the corridor remains dominated by the US dollar, data suggests that the United States is increasingly using the RMB to support its corporations that want to reach more suppliers in mainland China. This is good news for the internationalization of the RMB as a world payments currency”.

RMB payments value in the United States to China/Hong Kong corridor grew 229% between April 2013 and April 2014 and accounted for 2.4% of all payments value as of 30 April 2014.

Overall, the RMB held its position as the seventh-ranked global payments currency and accounted for 1.43% of global payments, a slight decrease from 1.62% in March 2014. At a global level, all currencies increased in value by 0.6% during the month of April.

Categories: Economy, Politics, International.

Top Comments

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  • lsolde

    When the Yuan revalues, holders of the currency will make a killing.
    Some analysts have predicted a jump from 5.5Yuan to 3Yuan(maybe even 2.5Yuan) per US Dollar.
    lf you've got any Yuan, hang onto it.

    Jun 11th, 2014 - 09:46 am 0
  • ChrisR

    @ 1 lsolde

    I have sympathy for your comment but still ask myself the question: why would the communist oligarchy devalue, what is going to drive them to it?

    These claims of making a killing with the Yuan have been going on for years with no signs of anything happening.

    I did think with all the westernisation of the workforce: clamours for more money, more holidays and the undoubted fear that those in power have regarding rebellion of the workforce, this would have driven devaluation by now but nada!

    Jun 11th, 2014 - 12:39 pm 0
  • ilsen

    The corrupt Boli-garchs in Caracas have already mortgaged the next 25 years of Venezuealn oil-production, (at below market rates) to China in order for loans, most of which has been siphoned off to bank accounts either 'off-shore', Switzerland or dodgy investments in that global acpital of finacial probity, yes, Miami! Which just happens to be in the USA, Often referred to as the 'Great Satan', by, yes, you already guessed, those twisted Boli-garchs that are deliberately impoverishing their own followers!
    Why is Mercopress NOT reporting on the chaos in Venezuela?
    People are dying.
    The Government is massively corrupt.
    There is critical insecurity and constant danger in the streets.
    A critical lack of medicine.
    The World’s highest Inflation Rate.

    A critical lack of basic goods and services.
    An ideological take-over leading to a Vene-Cuban form of enforced indentured state-dependency.
    Widespread media censorship.
    Constant repression of political opposition.
    THOUSANDS illegally jailed without trial.
    Daily torture and abuse of the Human Rights of the population.
    Why does Latin America remain silent?
    Why is Mercopress NOT reporting on the chaos in Venezuela?

    Jun 11th, 2014 - 09:59 pm 0
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