According to a Chinese government report, the yuan, China’s currency in circulation, showed an increase in participation in global payments in March.
The currency is now the fifth most active in the world.
In March, the value of payments with the yuan grew 25% from the previous month, higher than the 20% increase for all payment currencies.
The currency’s worldwide share rose from 2.1%in February to nearly 2.3% last month, according to the Society for Worldwide Interbank Financial Telecommunications system, known as Swift.
The system is the leading global method of financial messaging services and encompasses several countries worldwide.
Regarding international payments (excluding the eurozone), the yuan ranked seventh with a less than 2% share.
The form of payment, as opposed to the dollar, was defended during Luiz Inácio Lula da Silva’s trip to China at the beginning of the month.
The Ministry of Foreign Affairs released a joint note with the Chinese government with the points agreed upon between the two countries.
“The two sides expressed satisfaction with signing the memorandum of understanding between the Ministry of Finance of Brazil and the Ministry of Finance of China.
They agreed to deepen the dialogue in the economic-financial area and strengthen trade in local currencies,” they said in a statement.
With information from Revista Oeste
Read More from The Rio Times