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MNI BRIEF: China Yuan Global Usage Jumps Record High: SWIFT

MNI (Singapore)
BEIJING (MNI)

The Chinese yuan’s position as a currency for global payment jumped to a record high in January as the internationalisation of the currency gets promoted, according to a payments trade body on Thursday

The Society for Worldwide Interbank Financial Telecommunications (SWIFT), the usage of the yuan in international transactions climbed to 3.2% of market share, ranking the fourth most active currency , the highest level ever.

The U.S dollar continued to sit the top position even though its market share fell to 39.9% from 40.5% in December, while euro’s share also edged down to 36.6% from December’s 36.7%.

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