China's yuan surpasses euro as 2nd most-used currency in trade finance: SWIFT

China's yuan currency overtook the euro in October, becoming the second-most used currency in trade finance, global transaction services organization SWIFT said on Tuesday. The market share of yuan usage in trade finance, or Letters of Credit and Collection, grew to 8.66 percent in October 2013. The top five countries using the yuan for trade finance in October were China, Hong Kong, Singapore, Germany and Australia, SWIFT said in a statement. "The RMB is clearly a top currency for trade finance globally and even more so in Asia," Franck de Praetere, SWIFT's Asia Pacific head of payments and trade markets said.

via Business News - Yahoo Finance http://finance.yahoo.com/news/chinas-yuan-surpasses-euro-2nd-034239345.html