China’s Yuan Rises to Second Spot in Trade Finance

China’s yuan is now second only to the U.S. dollar in global trade finance, overtaking the euro.

While the Chinese currency’s market share in trade finance only accounts for 8.66%, according to data from SWIFT, a payment services provider, it has been gaining ground since January 2012, when it made up 1.89% of activity. The U.S dollar topped the world trade finance currencies with 81.08% as of October.

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Anjani Trivedi, The Wall Street Journal via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/ST424BrtyLc/