Chinese yuan becomes 9th most-used foreign currency
人民币跃至第九大货币 成美元有力竞争对手

The Bank for International Settlements based in Switzerland has released a survey, saying the Chinese yuan has climbed to the 9th most-used foreign currency. This is the first time the yuan has ranked among the top ten.

The survey says the total amount of foreign exchange has risen rapidly over the past three years. The US dollar, Euro, and Japanese yen rank as the top three most-used foreign currency. And the dollar still dominates the global foreign exchange, used to settle 87 percent of deals.

US analysts say the yuan’s status rise would induce both advantages and risks. It will benefit Chinese companies doing business overseas, as well as Chinese citizens traveling abroad.

But analysts also warn the Chinese currency is also subject to fluctuation, as with most highly internationalised currencies.