Jump to navigation

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
Follow Futures          
       
more >>

We Asked Traders

We asked traders for their opinion on the launch of bitcoin futures

Sponsored Content

Trading

Equities.com launches unlimited trading via Tradier Brokerage, Transforming into a news & fintech portal

Featured Topics

more Commodities>>

Commodities

Energy demand steps back in play
Advertisement
more Volatility>>

Volatility

Volatility & opportunity in the energy sector
more Financials>>

Financials

Daily Price Action: E-mini S&P 500
more Options>>

Options

Trading Vertical Option Spreads

Yuan overtakes ruble as world payments currency

By Fion Li and Ye Xie, Bloomberg

February 27, 2013 • Reprints

For the first time, China’s yuan has overtaken the Russian ruble for transactions in the global payment system, according to Society for Worldwide Interbank Financial Telecommunication, a financial messaging platform.

The use of the yuan increased 24% in January from December, while that of the ruble declined 5.4%, the Belgium-based SWIFT said in a report today. The Chinese currency accounted for an all-time high of 0.63% of the global payments, making it the 13th most-used currency, compared with 0.56% for the ruble, now the 15th most-used.

China, the world’s second-largest economy, is promoting the role of the yuan, also known as RMB, in international trading and financing as it moves to reduce the control over its currency and open up its financial markets. Trading of the yuan outside the mainland has at least doubled to $6 billion a day from a year earlier, said Charles Feng, regional head for fixed- income trading at Standard Chartered Plc. in Hong Kong, last month.

“The RMB continues its ascension towards becoming a major international payments currency,” SWIFT said in the report. Offshore financial centers such as Hong Kong, London and Singapore fuel the growth of the yuan payments, Lisa O’Connor, global yuan director at SWIFT, said in the report.

In December, the yuan payments exceeded those of the Danish krone, South African rand and New Zealand dollar, according to the report.

The use of the yuan rose 171% last month from a year earlier, while the ruble’s volume increased 18%, according to the report.

SWIFT provides services to more than 10,000 banks, financial institutions and companies in 212 countries, according to its Website.

Bloomberg News

About the Author

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Related Articles
USD/JPY breaks out as US bond yields extend gains
Potentially dovish ECB could accelerate EUR/USD’s breakdown
GBP/CAD: Canadian CPI and retail sales in focus
Daily forex rundown: Euro, yen, Aussie & CAD
Daily forex rundown: Euro, yen, Aussie & CAD
Previous
Pending sales of U.S. existing homes increase more than forecast
Next
SEC must file fraud suits sooner, U.S. Supreme Court rules
Related Terms
forex 2882China 1906fx 1080Russia 508Yuan 149ruble 116Connor 28Society for Worldwide Interbank Financial Telecommunication 10Standard Chartered Plc. 1Charles Feng 1

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
images