Date
11 December 2017
The use of the yuan as a payment currency is increasing in the United States. Photo: Bloomberg
The use of the yuan as a payment currency is increasing in the United States. Photo: Bloomberg

Yuan gains payment currency ground in the US

The United States is the third-biggest maker of payments in yuan, trailing only Singapore and Britain outside China and Hong Kong, the Wall Street Journal reported Tuesday, citing the Society for Worldwide Interbank Financial Telecommunication.

The value of yuan payments in the US jumped more than threefold in the year to April, putting the US ahead of Taiwan as an offshore yuan trading center. And in April, 2.6 percent of global yuan payments was conducted via the US, up from 1.3 percent a year earlier, the report said.

The yuan is still the seventh-biggest currency for global payments and accounted for 1.43 percent of payments in April, dropping slightly from 1.62 percent in March, it said.

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