The Chinese Yuan is now in the top 10 traded currencies.
In a rapidly growing global currencies business, which the BIS said now generates $5.3 trillion a day in flows, up from $4 trillion in 2010, the yuan climbed to ninth place from 17th. Offshore trading in the currency drove this expansion, the BIS said in its report of the survey, which was carried out in April.
Since China made Hong Kong its first offshore trading center for its currency in 2009, competition has been fierce among global and regional financial hubs to become the next city to host a landmark experiment that aims to make the yuan a serious rival to the dollar's supremacy in global trade. Singapore and London have emerged as the leading candidates, with Tokyo, Sydney, Luxembourg and Kuala Lumpur also vying for a spot.
"Trading volumes are increasing not only from corporate clients off the back of global trade but also from the investor community." analysts say.
Source: The Wall Street Journal
In a rapidly growing global currencies business, which the BIS said now generates $5.3 trillion a day in flows, up from $4 trillion in 2010, the yuan climbed to ninth place from 17th. Offshore trading in the currency drove this expansion, the BIS said in its report of the survey, which was carried out in April.
Since China made Hong Kong its first offshore trading center for its currency in 2009, competition has been fierce among global and regional financial hubs to become the next city to host a landmark experiment that aims to make the yuan a serious rival to the dollar's supremacy in global trade. Singapore and London have emerged as the leading candidates, with Tokyo, Sydney, Luxembourg and Kuala Lumpur also vying for a spot.
"Trading volumes are increasing not only from corporate clients off the back of global trade but also from the investor community." analysts say.
Source: The Wall Street Journal
