The Chinese yuan has been unexpectedly losing its positions. As for recent estimates, it left the top five most-used currencies in the world. According to the Society for Worldwide Interbank Financial Telecommunications (SWIFT), an international financial transactions agency, the popularity of the renminbi has been falling compared with the major currencies. In November last year, a rapid ascent of the yuan, ranked seventh, had started. The Chinese currency had immediately overtaken the Canadian dollar and the Australian dollar. In winter, on volume basis, its share of global calculations was inferior to just the US dollar, euro, British pound and the Japanese yen. The Chinese New Year, which is celebrated almost the half of the calendar month, is said to be the main reasons of such failures. During holidays, main local banks and financial companies don't operate, which in its turn affects the financial activity. It is noted that the yuan had reached its peak in December last year strengthened to the level of 2.17%, but at the beginning of a new year the currency started losing ground. In January, the reduction to 2.06% was recorded. However, the yuan still was in the top 5. February put things in order. The yuan’s share fell to 1.81%, and it returned back to the seventh place in the top list of the most used international currencies.
