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Trading in Chinese yuan soars

Posted on 17 September 2013

The world’s second-biggest economy has had its currency promoted to the most-traded currency club. The Chinese yuan is now traded three more times on global markets compared to its popularity in 2010, according to a new survey from the Bank for International Settlements.
How significant is the news for China - and the rest of us? Back in 2010 the BIS estimates that $34bn of Chinese yuan was traded every day. That figure now ticks closer to $120bn, propelling the yuan from 17th place to ninth place in 2013, kicking out the Swedish krona from the top ten en route………………………………………..Full Article: Source


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VRS - who has written 39856 posts on Opalesque Commodities Briefing.


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