China's yuan joins world's most traded currencies
HONG KONG - The Associated Press
This file photo taken on January 18, 2008 shows a Chinese bank teller counting 100-yuan notes at a bank in Shanghai. AFP photoA report says China's currency, the yuan, has joined the ranks of the world's most traded currencies for the first time.
The Bank for International Settlements said in a report Thursday that the yuan became one of the top 10 traded currencies, driven by a big rise in offshore trading.
The rise of the yuan in foreign exchange markets highlights the growing power of China's economy, the world's second largest.
Turnover in trades involving yuan surged to $120 billion a day on average in 2013 from $34 billion in 2010, when the last survey was done. Still, that figure is dwarfed by the dollar, euro and yen.
China's leaders want the yuan, which is not yet fully convertible, to become an international currency and have been promoting its use.