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Chinese Yuan Enters The Top Ten List Of Most Traded Currencies

September 8, 2013
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Source: China

The renminbi, also known as the yuan, has made its debut on the list of the 10 most actively traded currencies, according to a survey released by the Bank for International Settlements on Thursday.

Daily renminbi turnover soared from the equivalent of $34 billion in 2010 to $120 billion in early 2013, making it the ninth most-traded currency.

The renminbi registered a share of 2.2 percent of global foreign-exchange trading volume, mostly driven by a significant expansion of offshore transactions, the BIS said.

The survey took place in April, with central banks and other authorities in 53 jurisdictions participating. These bodies collected data from about 1,300 banks and other dealers and reported national aggregates to the BIS, which calculated global totals.

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