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HomeUncategorizedThe yuan becomes the fifth most traded currency in the world

The yuan becomes the fifth most traded currency in the world

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The Chinese currency outperformed the Australian and Canadian dollars and the Swiss franc, placing it behind the US dollar, the euro, the British pound and the Japanese yen.

The Chinese yuan has surpassed the Australian and Canadian dollars, as well as the Swiss franc, to become the world’s fifth largest traded currency, the Bank for International Settlements (BIS) reported on Thursday. .

The use of Chinese currency increased by 7% of all operations in foreign currency in 2022, which represents an increase of 3% compared to 2019, according to the Triennial Survey of Central Banks on Non-Standardized Foreign Exchange and Derivatives Markets. Meanwhile, total daily trading volume increased by 14 % up to 7.5 trillion dollars.

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The currency most used worldwide for international payments continued to be the US dollar, with a share of 88 % of all operations in April. In second place was the euro, whose percentage fell slightly, passing to a 31 %, compared to 37 % three years ago. The pound sterling and the Japanese yen ranked third and fourth, respectively.

Bloomberg indicates that this increase in cross-border settlements of yuan, as well as the greater proportion between the world’s reserves of currencies, is because Beijing takes steps to open up its financial markets.

The BIS survey covered more than 1.200 banks and other intermediaries from all over the world. Russia, which accounted for less than 1% of the world total in 2019, was excluded this year, while Dubai was included for the first time.

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