The renminbi has overtaken the euro to be the second most-used currency in trade finance, accounting for 8.66 percent of activity in October, financial cooperative SWIFT said in a statement Tuesday. The Chinese currency ranked fourth in January 2012 with a 1.89 percent share. The top five economies that used renminbi for trade finance in October this year were China, Hong Kong, Singapore, Germany and Australia, the statement said. Singapore took up 12 percent of the total renminbi value sent and received in the world while Germany and Australia accounted for 2 percent each. As a payment currency, the RMB remains stable in 12th spot globally, trailing the euro, Japanese yen, and the Australian, Canadian, Hong Kong and Singapore dollars. The RMB was 20th in payments in January last year, according to Belgium-based SWIFT, which provides transaction messaging platforms for banks, brokerages and corporates.
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