Chinese Yuan Becomes World’s Fifth Most Traded Currency, Survey Finds

The Chinese yuan has become the world’s fifth most traded currency in over-the-counter (OTC) foreign exchange markets, jumping from eighth place three years ago, according to a Bank for International Settlements (BIS) report, as the renminbi continues to gain international traction amid heightened geopolitical tensions.

Trading in the yuan increased to account for 7% on one side of global OTC foreign exchange turnover in 2022, up from 4% in 2019, the BIS said in its Triennial Central Bank Survey released Thursday Switzerland time, surpassing Australian, Canadian, and Swiss currencies.