Chinese currency overtakes euro as second-most used currency

Shanghai, Dec 4: When India is deeply worried about the fall of the rupee,

of its rival

has overtaken the euro as the second-most used currency in international trade finance, a global transaction services firm said on Tuesday.

According to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the market share of yuan, also known as the renminbi (RMB), reached 8.66 per cent in October, surpassing the euro on 6.64 per cent in international trade finance.

US dollar remained the dominant currency in the global trade at 81.08 per cent share.

China, Hong Kong, Singapore, Germany and Australia were the top five nations that were using yuan for trade finances in October.

China has been promoting its currency to seek a bigger role in the global financial arena.

OneIndia News