China’s currency has risen from 13th to 7th place in the ranking of the most used currency for global payments.
Only last year the use of the Chinese yuan in Germany and UK have almost doubled. This is happening on the background of the battle between London and Frankfurt for the title – European center for trade with the Asian currency, says CNBC.
In July payments in yuan in Great Britain and in Germany jumped by 123.6% and 116% annualy, respectively, show the latest data of the Company for Worldwide Interbank Financial Telecommunication (SWIFT).