December 28, 2017 / 2:35 AM / 3 months ago

China's yuan rises to 6th most-used currency in Nov-SWIFT

HONG KONG, Dec 28 (Reuters) - China’s yuan regained its position as the sixth most actively used currency for domestic and international payments in November with a market share of 1.75 percent, global transaction service provider SWIFT said on Thursday.

Overall yuan payments value increased by 23.35 percent from October, while payments in all currencies rose by 2.84 percent.

The Chinese currency dropped to the seventh most-used currency in October which was likely due to seasonal effects from the Golden Week holiday in China.

Hong Kong remained the biggest offshore yuan center with a market share of 74.05 percent, followed by the United Kingdom (5.85 percent), Singapore (4.21 percent) and South Korea (3.98 percent), according to SWIFT.

The yuan jumped to the fourth most-used currency two years ago, but gradually lost momentum as the volatile foreign exchange rate and uncertainly about policy direction dampened foreign investors’ interest in using or holding the currency.

Reporting by Michelle Chen; Editing by Shri Navaratnam

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