The Chinese yuan beat the Canadian and Australian dollar to rank as the world’s fifth biggest payment currency since November, but its global market share remain small compared with the US dollar.
In December, 2.17 per cent of global payments were denominated in renminbi, right after US dollar, Euro, British pound sterling, and Japanese yen, according to the monthly RMB tracker released by SWIFT on Wednesday. Before November, the yuan had been positioned as the seventh in the currency ranking for nearly a year.