The yuan has become the second most used currency in global finance, ahead of the euro, as Beijing seeks to boost the Chinese currency’s international reach.
The market share of yuan in international trade finance hit 8.66 per cent in October, according to the global transaction services organisation SWIFT, up from just 1.89 per cent in January 2012.
The top five countries using the yuan to finance trade were China, Hong Kong, Singapore, Germany and Australia.
“The RMB is clearly a top currency for trade finance globally and even more so in Asia” said Franck de Praetere of SWIFT.
However, the US dollar remains dominant in global trade, with an 81% share of all transactions.