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Yuan hits milestone in trade finance deals

Posted on 04 December 2013

China’s burgeoning influence on the world economy reached a milestone as use of the yuan in trade finance overtook the euro and the yen. Importers and exporters used China’s currency for 8.7% of their financing agreements with trade partners in October, up from 4.4% a year earlier, according to Swift, a financial-services firm that monitors international currency flows.
That made the yuan the second-most used currency in trade finance but still well behind the U.S. dollar, which backs 81% of trade finance………………………………………..Full Article: Source


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