SWIFT: Cooling growth pulls China's yuan down to 3rd place in global trade finance - RTRS

Global transaction service provider SWIFT noted on Wednesday, via Reuters, slowing pace of growth in China is partly responsible for pushing down the Chinese yuan to third place as the most active-currency for global trade finance.

According to SWIFT, the yuan's usage by value in traditional trade finance – letters of credit and collections – has been decreasing since 2014. Its market share fell to 4.61% from 8.66% three years ago when it was the second most-active currency in trade finance after the dollar.

In terms of international payments, compared to September 2016, the yuan has dropped one position to the sixth for international payments in October, with a share of 1.67%. The Canadian dollar, with a share of 1.82%, pulled up to fifth place.