China's yuan became the fourth most-used world payment currency in August. global transaction services organisation SWIFT said Tuesday that the yuan overtook the Japanese Yen to reach this ranking.
The yuan has surpassed seven currencies in the past three years as a payment currency and is now behind only the US dollar, the euro and the sterling.
More than 100 countries used the yuan for payments in August, of which over 90 percent of flows were concentrated in 10 countries. Singapore processed 24.4 percent of the total, followed by the United Kingdom with 21.6 percent.
Analysts say that the increasing global yuan payments could further accelerate the process of yuan's internationalization and its potential to join the SDR.
