Yuan Passes Euro as 2nd-Most Used Trade-Finance Currency!

China’s yuan overtook the euro to become the second-most used currency in global trade finance after the dollar this year, according to the Society for Worldwide Interbank Financial Telecommunication.

The currency had an 8.66 percent share of letters of credit and collections in October, compared with 6.64 percent for the euro, Swift said in a statement today. China, Hong Kong,Singapore, Germany and Australia were the top users of yuan in trade finance, according to the Belgium-based financial-messaging platform.  The yuan had the fourth-largest share of global trade finance in January 2012 with 1.89 percent, while the euro’s was the second-biggest at 7.87 percent, Swift said.

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