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Yuan Tops Yen

According to SWIFT, transactions denominated in China's yuan in August accounted for a larger proportion of global trade than those denominated in Japanese yen.

By Fion Li, Bloomberg | Updated on October 06, 2015

China’s yuan overtook Japan’s yen to become the fourth most-used currency for global payments, shrugging off a surprise devaluation to rise to its highest ranking ever and boosting its claim for reserve status.

The proportion of transactions denominated in yuan climbed to a record 2.79 percent in August, from 2.34 percent in July, according to a Society for Worldwide Interbank Financial Telecommunications (SWIFT) statement on Tuesday. It was second for global issuance of letters of credit by value, with a 9.1 percent share, compared with 80.1 percent for the U.S. dollar.

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