facebook
twitter
rss
account
search
search
 

Use of renminbi, Chinese currency, growing globally

It is currently fifth in the world in cross-border use.
By Ed Adamczyk   |   July 21, 2014 at 3:29 PM   |   Comments

| License Photo
BEIJING, July 21 (UPI) -- Chinese currency, the renminbi, is poised to become the world's third-most used currency in the world, a report said.

The report, released Sunday by Beijing's Renmin University, said the renminbi, of which the yuan is an element, is currently ranked fifth in world in use, behind the U.S. dollar, the euro, the British pound and the Japanese yen, with cross-border trade denominated in yuan in 2013 amounting to 4.63 trillion yuan ($746 billion), a 57.5 percent increase over 2012.

As Beijing increases its use and promotion of the yuan, Chinese currency will be third in the world within five years, the report said.

An offshore market in yuan use has been growing in recent years. The People's Bank of China recently signed a memoranda of understanding regarding yuan clearing with the central banks of the United Kingdom, Germany, Luxembourg, France and South Korea.

Follow @adamczyk_ed and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Patient admitted to hospital with potential Ebola virus Patient admitted to hospital with potential Ebola virus
2
Body of missing Realtor Beverly Carter found Body of missing Realtor Beverly Carter found
3
Conservative darling Ben Carson considering 2016 bid Conservative darling Ben Carson considering 2016 bid
4
$900,000 Porsche Spyder catches fire at gas station $900,000 Porsche Spyder catches fire at gas station
5
State rests in Michael Dunn case State rests in Michael Dunn case
Trending News
x
Feedback