| Devaluation, market volatility sparked a surge in use of China’s currency in the last week of August. The recent rocky ride for China’s markets has helped the country’s currency take another step toward a bigger global presence.
In August, for the first time, the yuan moved ahead of Japan’s yen for fourth place in a league table of the most-used currencies for cross-border payments compiled by Swift, the international payments provider. A “substantial” increase in usage of the currency in the final week of August was triggered by market volatility caused by concerns about the Chinese economy and Beijing’s devaluation of the yuan, Swift said in a report...............................................Full Article: Source
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