Yuan overtakes Yen for first time in currency rankings

The Chinese yuan has become the  world’s fourth most-used payment currency ahead of  the Japanese yen, according to  the global transaction services organisation Swift. It now only trails the  US dollar, the euro and sterling.
Despite the slowdown in the Chinese economy, global  payments  in the yuan increased in value by 9.13% in August, bucking a trend which saw  payments across all currencies drop by 8.3%. In the same month, it captured a record 2.79% global market share.
Although more than 100 countries used the yuan for payments in August,  90% of transactions took place in 10 countries led by  Singapore (24.4%) and the UK (21.6%). More than 1,700 financial institutions made worldwide payments in the yuan, up 14% from a year earlier. About 600 of these did  not have offices in either China or Hong Kong.

Source: theguardian