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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US President Donald Trump confirmed he will delay a planned increase in tariffs from 25 per cent to 30 per cent on US$250 billion of Chinese goods at the request of Vice-Premier Liu He. Photo: Reuters

China welcomes Donald Trump’s ‘goodwill’ act of postponing US tariff increase until after National Day

  • The American president confirmed a planned increase in tariffs from 25 per cent to 30 per cent on US$250 billion of Chinese goods will be delayed to October 15
  • The new levies were expected to take effect from October 1, but will now come before expected face-to-face trade talks in Washington
Topic |   US-China trade war

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US President Donald Trump confirmed he will delay a planned increase in tariffs from 25 per cent to 30 per cent on US$250 billion of Chinese goods at the request of Vice-Premier Liu He. Photo: Reuters
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