China: Yuan gains in payment status

CHINA’S yuan broke into the top five as a world payment currency in November, overtaking the Canadian dollar and the Australian dollar, global transaction services organisation SWIFT said yesterday. After nearly a year firmly positioned at seventh spot, the yuan reached a record high share of 2.17 percent in global payments by value and is in sight of the Japanese yen, which has a share of 2.69 percent. The rise of various offshore yuan clearing centres around the world, was an important driver fuelling this growth. – Bloomberg