China's Yuan overtakes the Euro

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11.12The Chinese currency the Yuan has for the first time overtaken the Euro in international trade finance making it the second most used after the massively dominant US Dollar. The Yuan also known as the Renminbi (RMB) in traditional trade finance reached a market share of 8.66% in October, clearly beating the Euro which was at 6.64%, although both are dwarfed by the US Dollar at 81.08%, according to a statement by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Mr. Franck de Praetere, Asia Pacific head of payments and trade markets for SWIFT, said ‘The RMB is clearly a top currency for trade finance globally and even more so in Asia’.