Yuan Moves Closer to Replacing Pound as 4th Most-Traded Currency [Yahoo! Finance]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance
decade-long trend with volumes nearing those of the British pound, according to the Bank for International Settlements. The yuan now makes up 8.5% of global currency transactions, up from 7.0% in 2022, according to the BIS's triennial survey. While it remains the fifth-most traded currency, it closed the gap with fourth-placed sterling, whose share fell from 12.9% to 10.2%. Most Read from Bloomberg Why US Cities Pay Too Much for Transit Buses NYC's Transit System Raises Fares, Tolls as MetroCard Nears End For Lovers of Brick, Chicago Is a Wonderland Trump Housing Agency Removes Lawyers Who Filed Whistleblower Report After the Pandemic ‘Reset Button,' Downtowns Reinvent Themselves Chinese officials have been trying to boost the currency's global appeal for years. They have eased some capital controls as part of those efforts, aiming to chip away at the dominance of the US dollar. “The yuan is rapidly closing in on the pound, as China's push to internationalise its cur
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