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China's yuan slips to 7th most-used currency in Oct-SWIFT
November 30, 2017 / 1:56 AM / 14 days ago

China's yuan slips to 7th most-used currency in Oct-SWIFT

HONG KONG, Nov 30 (Reuters) - China’s yuan dropped one position in October to be the seventh most-used currency for international payments by value, global transaction service provider SWIFT said on Thursday.

The fall was likely caused by seasonal effects from the Golden Week holiday in China, SWIFT said.

The value of yuan payments fell by 19.1 percent from September, while payments in all currencies increased by 3.02 percent.

The six currencies ranked higher than the yuan were U.S. dollar, euro, sterling, Japanese yen, Swiss franc and Canadian dollar.

The Swiss franc overtook the Canadian dollar as the fifth most-active currency for global payments with a share of 1.63 percent. The yuan’s share was 1.46 percent.

The yuan jumped to the fourth most-used currency two years ago, but gradually lost momentum as the volatile foreign exchange rate and China’s sluggish economy dampened foreign investors’ interest in using or holding the currency. (Reporting by Michelle Chen; Editing by Eric Meijer)

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