In February, the Chinese yuan lost its fifth place among the most-traded world currencies slipping to the seventh place, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) reports.
The share of transfers performed with the yuan amounted to 1.81% which is 20.4% lower than the January reading. A record-high share of 2.17% was logged in December 2014. In November 2014, the renminbi broke into the top five of the world payment currencies, overtaking the Canadian dollar and Australian dollar.
China actively promoted its national currency on the international level and thanks to it, a series of yuan clearing centers was established worldwide for the recent two years.
"The global volume of payments in RMB will fluctuate, and is actually down by value compared to last month, but the broader support by more countries beyond Hong Kong, underlining its international use, suggests the potential for future clearing centers and further development of the currency," said Michael Moon, Head of Payments Asia-Pacific at SWIFT.
The celebration of Lunar New Year lowered the share of the yuan’s use as a currency for world payments last month.
However, there are other views. The slip of the yuan’s use for the last year is due to considerable fluctuations on the forex market, the data from the largest financial conglomerate informs.
The International Monetary Fund is to complete revision of specialized lending rules that is carried out twice in ten years. Probably, the renminbi will be called a reserve currency and will join the US dollar, euro, yen and pound by the revision’s results.
