Payments Using Chinese Yuan Continue to Surge as Currency Tops Russian Rouble in Popularity

By Gregory Gwyn-Williams, Jr. | May 1, 2013 | 5:09pm EDT

press release from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) shows that the value of payments using Chinese Yuan currency grew by 171 percent between January 2012 and January 2013.

In January 2013 alone, payments in the Chinese currency grew in value by 24 percent from December, pushing the Yuan past the Russian Rouble to the thirteenth slot for world currency payments.

This 24% spike is nearly double the 13% increase recorded across all currencies.

The SWIFT "RMB Tracker" (RMB is short for Renminbi or Yuan) was launched in September 2011 and provides monthly reporting on the progress made by the Yuan towards becoming an international currency.

The latest RMB Tracker report, released on April 25, shows that global Yuan payments gained 32.7 percent in value for the month of March, reaching an all-time high market share of 0.74%.

This increase compares with an average monthly increase of just 5.1% across all currencies.

According to the press release, the Yuan "continues to ascend the ranks as a major international payments currency."

To see the top 20 world payment currencies, click here.

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