China’s Yuan has become the fourth most commonly used currency in the world after overtaking the Japanese Yen for the first time, that’s according to the latest report from the Society for Worldwide Interbank Financial Telecommunications (SWIFT). Transactions using the Chinese Yuan were up 20 percent in August from the previous month, reaching record highs in the wake of Beijing’s currency devaluation and China’s stock market volatility. It’s a marker of progress for Beijing as the government works to push the currency on the international stage. China is maneuvering to give its Yuan a larger global presence by opening up its bond and currency market to foreign banks, despite fears of an economic slowdown. The Yuan is now being used by over 1,000 financial institutions in 100 countries to process payments through Hong Kong and China. According to the Wall Street Journal, Beijing officials have been exerting increasing pressure on the IMF to include the Yuan into its basket of reserve currencies, following the IMF board vote in November. Overall, the Yuan was used in 2.8 percent of global transactions through the month of August, still a tiny percentage compared with the dominance of the dollar but a large jump in terms of increased transactions.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
