Renminbi may become fourth most-used currency: People’s Daily

Beijing, July 20 (IANS) China’s renminbi(RMB) may become the world’s fourth most-used international currency, replacing the Japanese yen, a media report said here on Monday.

The People’s Daily quoted Chen Yulu, president of Renmin University of China, as saying that the International Monetary Forum had raised the RMB Internationalization Index from 0.02 in 2009 to 2.47 in 2014. The top three currencies are the dollar, the euro and the British pound, although the listing varies, depending on which criteria is being used.

The daily said that the level of acceptance of RMB worldwide had gone up significantly. Cross-border RMB flow reached 6.55 trillion in 2014, seeing a rise of 41.6 percent. RMB constitutes 2.96 percent of worldwide trades, seeing a direct investment amount of 1.05 trillion. RMB, also known as the yuan, had now become the world’s second trade-finance currency, fifth payment currency, and sixth foreign-exchange currency, Chen said.

RMB will see a greater surge in market share, the report added.

In January 2014, RMB had surpassed the Swiss franc to become the seventh most-used currency in the world, according to SWIFT, the global transaction services organisation.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here