Chinese Yuan Surpasses Euro, Becomes Second Most Used Currency In Trade FinanceSubmitted by Tyler Durden on 12/02/2013 22:08 -0500
Slowly but surely the Chinese currency is catching up to the world's reserve and moments ago, according to SWIFT, the Yuan just surpassed the Euro in trade (remember trade: that's how countries once upon a time would generate capital flows in a time when central banks weren't there to literally print domestic funding needs) finance usage leaving just the USD in front.
- YUAN OVERTAKES EURO IN TRADE FINANCE USAGE: SWIFT
- YUAN IS SECOND MOST-USED CURRENCY IN TRADE FINANCE: SWIFT
- Chinese currency had 8.66% share in letters of credit and collections, or trade finance, in Oct., Society for Worldwide Interbank Financial Telecommunications says in statement today.
- Euro’s shr in trade finance was 6.64% in Oct.
- Top 5 countries using yuan for trade finance in Oct. were China, Hong Kong, Singapore, Germany and Australia
- Yuan mkt shr in global payments was 0.84% in Oct. vs. 0.86% in Sept.
- Yuan payments value rose 1.5% in Oct. vs. 4.6% growth for all currencies: Swift