Yuan Moves Closer to Replacing Pound as 4th Most-Traded Currency [Yahoo! Finance Canada]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance Canada
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 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 currency shows progress,” said Moh Siong Sim, FX strategist at Bank of Singapore. “Challenges — such as restriction on cross-border capital flows — remain in unseating the USD's global dominance,” he added. Still, gauges of the yuan's international usage have sent mixed signals this year. For example, its sha
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