Yuan gaining ground quickly
- Published: 7 Sep 2013 at 15.37
- Online news:
HONG KONG - China's yuan has joined the ranks of the world's most traded currencies for the first time, underlining the might of the world's second-largest economy.
The yuan became one of the top 10 traded currencies in 2013, rising to ninth on the list due to a "significant expansion" in offshore trading, according to a new report by the Bank for International Settlements (BIS).
It's a sharp jump from the bank's last survey in 2010, when the yuan, also known as the renminbi, was 17th on the list.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.