January 24, 2022
The Chinese yuan continues to rise as one of the most-popular currencies for cross-border payments, notching the fourth spot for the first time since August 2015.
Activity in the renminbi, as the currency is also called, rose to its second-highest level ever.
While the Chinese currency made inroads in the rankings, the yuan accounted for about 2.7% of the market versus the dollar at 41%.
The yuan has seen its popularity as an international currency rise in the last decade.
Global funds boosted holdings of Chinese government bonds to a record last month, data show.
The renminbi was ranked 35th in October 2010 when Swift, which handles cross-border payment messages for more than 11,000 financial institutions in 200 countries, started tracking.
OneProSpecial Analyst
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