CNY Yuan Passes Ruble in World Payments

For the first time, China’s yuan has overtaken the Russian ruble for transactions in the global payment system, according to Society for Worldwide Interbank Financial Telecommunication, a financial messaging platform.
The use of the yuan increased 24 percent in January from December and 171 percent from a year ago, while that of the ruble declined 5.4 percent on the month, the Belgium-based SWIFT said in a report today. The Chinese currency accounted for an all-time high of 0.63 percent of the global payments, making it the 13th most-used currency, compared with 0.56 percent for the ruble, now the 15th most-used. The euro leads the list, followed by the U.S. dollar and British pound.

via Bloomberg

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