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China's yuan a growing force in global finance: study

Published on Jul 11, 2014 9:02 AM
 
A clerk counts Chinese 100 yuan banknotes at a branch of China Construction Bank in Hai'an, Jiangsu province on June 10, 2014. -- PHOTO: REUTERS

WASHINGTON (AFP) - China's yuan is a growing force in global finance, more than doubling in use over the past year, according to a new study from the Institute of International Finance Thursday.

Although its use in the international payments system remains dwarfed by the dollar and euro, the yuan, officially known as the renminbi, grew to 1.4 per cent of total transactions.

That jump moved it ahead of the Hong Kong and Singapore dollars and even with the Swiss franc, the sixth most used currency in global transactions, the IIF study said.

In trade finance, overwhelmingly dominated by the US dollar, the yuan jumped into second place last year ahead of the euro and the Japanese yen, comprising eight percent of transactions.

 
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