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Renminbi Series: Yuan’s share in global payments declines in August
The Chinese yuan has been steadily losing its attraction, according to a report by Swift payment system. As an effect of economic stagnation, uncertainties, higher volatilities and surprised devaluation of the yuan in August last year and large depreciation in January this year, it’s losing its stature in the global payment system. The happening remains in contrary to the popular expectations that after inclusion of the yuan in International Monetary Fund’s (IMF) Special Drawing Rights (SDR) basket will increase its popularity in global payments.
Recently, several of major global institutions such as the Bank of International Settlements (BIS) has warned against the banks of China, especially on how highly leveraged economy could call forth a crisis.
Rise of the yuan:
Yuan rose sharply into prominence post-financial crisis, which finally led IMF to recognize its claim to be included in SDR basket.
Decline in popularity –
Surprised devaluation of Yuan in August and fear of hard landing is doing the damage to the yuan, whose rank is slipping in currency payment system, according to SWIFT data.