Renminbi Is Fourth Most Popular Global Payment Currency

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The Chinese Renminbi has risen to become the fourth most popular global payment currency in the world, according to the payments provider Swift. It is now behind only the US dollar, the Euro and the British pound, and accounts for 2.79% of all global payments. It used to be in 12th place in mid-2012, and has since overtaken currencies such as the Japanese yen, Canadian dollar, Australian dollar and Swiss franc. In the first six months of this year, cross-border payments going in and out of China totalled 5.7 trillion yuan, equivalent to 900 billion US dollars. 

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