China's Yuan enters list of world's most traded currencies

Sydney, Sept 7 (ANI): China's Yuan has reportedly joined the ranks of the most traded currencies in the world for the first time, indicating the growing might of the world's second-largest economy.

According to News.com.au, the Bank for International Settlements stated the Yuan became one of the top 10 traded currencies in 2013, rising to No. 9 on the list because of a 'significant expansion' in offshore trading

The report said that the yuan's rise this year is a sharp contrast to the bank's last survey in 2010 when the currency was No. 17 on the list, adding that turnover in trades involving the yuan rushed to 120 billion dollars a day in April 2013, three and half times more than the 34 billion dollars a day in 2010.

According to the bank, the Yuan along with the Mexican Peso, which rose to No. 8, saw the most significant rise in market share among major emerging market currencies.

The report further said that China wants their currency to become an international currency and have been promoting its use as an alternative to the US dollar.

In other findings, Singapore overtook Japan to become the biggest foreign currency trading centre in Asia and the third largest in the world, behind Britain and the US, the report added. (ANI)