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      Renminbi overtakes the Euro as trade finance currency

      Renminbi overtakes the Euro as trade finance currency

      Latest Swift statistics from October 2013 show that the Chinese currency renminbi has overtaken the Euro as a trade finance currency. The RMB now ranks second worldwide with a share of 8.66%.

      The Euro dropped to 6.64% (7.87% in January 2012). With 81.08% of trade settled in USD, the USD is still the main trade currency by far. However, recent developments clearly show the increasing importance of the renminbi as a world currency, although the Chinese government hasn’t opened up capital accounts yet. The renminbi now ranks 12th as a world payments currency, stepping up 8 places compared to January 2012.