China’s RMB becomes one of top five currencies in the world

Chinese RMB.

Chinese RMB. Image by Karl Baron / CC BY 2.0

The Chinese renminbi (RMB) has pushed ahead of the Canadian and Australian dollars to become one of the world’s top five currencies. The yuan, as China’s currency is known colloquially, joined the euro, British pound, US dollar and Japanese yen as the fifth-most-traded currency in November 2014, comprising 2.17% of global payments. China has been working to internationalise the yuan since the late 2000s and has set up offshore RMB trading centres in 12 cities worldwide, including Hong Kong, London and Paris. Read more:

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