China's yuan currency overtook the euro in October, becoming the second-most used currency in trade finance, global transaction services organisation SWIFT said on Tuesday.
HONG KONG, Dec 3 (Reuters) - China’s yuan currency overtook the euro in October, becoming the second-most used currency in trade finance, global transaction services organisation SWIFT said on Tuesday.
The market share of yuan usage in trade finance, or Letters of Credit and Collection, grew to 8.66 percent in October 2013.
The yuan, also known as the renminbi, now ranks behind the U.S. dollar, which remains the leading currency with a share of 81.08 percent.
The top five countries using the yuan for trade finance in October were China, Hong Kong, Singapore, Germany and Australia, SWIFT said in a statement.
The world’s second-larget economy is accelerating the pace of financial reform to promote its currency to international players beyond Hong Kong.
China aims to lift the yuan’s global clout and reduce its reliance on the U.S. dollar.
The original article contains 253 words, the summary contains 138 words. Saved 45%. I’m a bot and I’m open source!
This is the best summary I could come up with:
HONG KONG, Dec 3 (Reuters) - China’s yuan currency overtook the euro in October, becoming the second-most used currency in trade finance, global transaction services organisation SWIFT said on Tuesday.
The market share of yuan usage in trade finance, or Letters of Credit and Collection, grew to 8.66 percent in October 2013.
The yuan, also known as the renminbi, now ranks behind the U.S. dollar, which remains the leading currency with a share of 81.08 percent.
The top five countries using the yuan for trade finance in October were China, Hong Kong, Singapore, Germany and Australia, SWIFT said in a statement.
The world’s second-larget economy is accelerating the pace of financial reform to promote its currency to international players beyond Hong Kong.
China aims to lift the yuan’s global clout and reduce its reliance on the U.S. dollar.
The original article contains 253 words, the summary contains 138 words. Saved 45%. I’m a bot and I’m open source!