Latest News:  


SWIFT: Yuan rises to 13th as world payment currency

By Michael Barris in New York  (China Daily)

09:12, March 01, 2013

Growing demand has led China's yuan to overtake the Russian rouble as a currency used for global payments, according to SWIFT, a messaging system used by international banks.

SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, said on Wednesday that use of the yuan in January jumped 24 percent from December, enabling it to capture 0.63 percent of global payments, an all-time high.

That made it the 13th most-used currency overall, ahead of the rouble and the Danish krone, according to SWIFT.

A year ago, the yuan was used in 0.25 percent of all global payments, putting it in the 20th place among currencies. The year-on-year increase in use of the yuan for payments, as measured by transaction value, was 171 percent.

In contrast, use of the rouble in January declined 5.4 percent from December. While its share of the global payment market was 0.56 percent, up from 0.52 percent in January 2012, the rouble fell to 15th place among currencies from 14th a year ago. Danish krone displaced the rouble, sliding into 14th from 13th.

The Hong Kong dollar moved into ninth place, with 1.02 percent of global payments, up from 0.95 percent and the No 10 spot a year earlier.

The SWIFT report confirms that the Chinese mainland becoming the world's second-largest economy has sparked greater use of its currency.

James Wills, a senior business manager for SWIFT, said in an interview that the yuan is "slowly increasing" its share of the world market.

【1】 【2】

We recommend:

IKEA: Meatballs in China supplied by Fujian factory

Jet-set life takes off for country's super-rich

Taking a bite out of the market for snakes

Ratings agency warns about rising debt

Holiday firework sales fail to boom

4G network to lead the world

Email|Print|Comments(Editor:MaXi、Liang Jun)

Leave your comment0 comments

  1. Name


Selections for you

  1. An advanced military training base

  2. Chinese Navy's type-056 frigate

  3. Israeli troops arrest 3 Palestinian protesters

  4. Sand, haze pollute Beijing’s air

  5. Photo story: Arriving in Beijing

  6. Lantern Festival in women's prison

  7. Planting seeds for a dance revolution

  8. The most weird festivals in the world

  9. Easier entry to grid may charge

  10. Media Markt to shut down all city stores

Most Popular


  1. Prevent Xiqu from being lost in translation
  2. Housing still on unsustainable path
  3. Property market so far so good
  4. Park Geun-hye's road will be tough
  5. China reserves right to appeal WTO ruling
  6. SOEs must act to avoid PR disaster
  7. Mainland hails Lien Chan's visit
  8. Party mulls personnel, govt reshuffles
  9. China must brace for impact of possible EU-US FTA
  10. Peaceful development important in cross-Straits ties

What’s happening in China

Arriving in Beijing

  1. Strong voice of the farmers
  2. More Chinese cities ready for property tax pilots
  3. Shanghai incomes continue strong rise
  4. Fog affects over 100 flights in E China
  5. Elderly population to surpass 200 mln in 2013