| China’s currency snatched the world’s No. 4 spot in global payment value in August from Japan, financial infrastructure organisation SWIFT said on Tuesday in its latest gauge of payment flows. The yuan had a 2.79 per cent share of world payment value in August, up from just 0.84 per cent three years earlier, or No. 12 globally.
The yen’s share of the market was 2.76 per cent in August, trailing the yuan for the first time ever. The yuan’s No. 4 ranking was still a distant one, however. The US dollar takes 44.82 per cent of the market, the euro 27.2 per cent and the British pound 8.46 per cent, according to SWIFT data...............................................Full Article: Source
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