RMB Jumps To The Ninth Most Actively Traded Currency

The RMB’s daily trading volume has reached US$120 billion, much higher than the US$34 billion volume recorded three years ago.

The Chinese currency has become the ninth most actively traded currency globally, according to Bank for International Settlements.

The RMB was the 17th most actively traded currency in 2010, and the 20th in 2007.

The Hong Kong dollar, however, has fallen off the top ten list from its historical position of the eighth or the ninth place.

The trading of RMB took up 2.2% of global foreign exchange transactions, up from 0.9% in 2010 and 0.5% in 2007.

The top ten most actively traded currencies are the U.S. dollar, Euro, Japanese Yen, British pound, Australian dollar, Swiss franc, Canadian dollar, Mexican peso, RMB and New Zealand dollar.

The results are based on a survey of around 1,300 banks and dealers conducted by the Bank for International Settlements in April.

 
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