The yuan kept its ranking as the world’s eighth most-traded currency, with a daily average turnover of US$284 billion, up from US$202 billion three years ago, according to the Bank for International Settlements (BIS) triennial survey of foreign exchange, indicating that it is evolving into an international currency very slowly. Photo: AFP

China’s yuan makes little progress to dethrone the US dollar as global currency, survey finds

  • Yuan’s share of international currency transactions only 4.3 per cent, compared to 88 per cent for US dollar, Bank for International Settlements finds
  • Foreign exchange trading activity rises to eighth place globally, with London still at top of rankings
Topic |   China economy

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The yuan kept its ranking as the world’s eighth most-traded currency, with a daily average turnover of US$284 billion, up from US$202 billion three years ago, according to the Bank for International Settlements (BIS) triennial survey of foreign exchange, indicating that it is evolving into an international currency very slowly. Photo: AFP
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Karen Yeung

Karen Yeung

Karen Yeung joined the Post in 2017 after more than 15 years' experience on global newswires in Hong Kong and Shanghai. She spent eight years in Shanghai and has received awards for best feature, analysis and agenda-setting.