BEIJING: China’s currency, yaun, has become the fifth widely used currency in global currencies. Now yaun trails the US dollar, the euro, the pound and Japan’s yen in popularity.
The Society for Worldwide Interbank Financial Telecommunication said that yuan passed the Australian and Canadian dollars in popularity in December.
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Beijing is gradually easing controls on the yuan and encouraging its use abroad in an effort to reduce costs for its traders and increase Chinese companies’ role in the global economy.
