China Took Steps To Promote The Greater Use Of Yuan
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According to some research, Yuan transactions between China and other countries are on the rise. We also see the massive growth of global yuan payments over the past year. According to the SWIFT (Society for Worldwide Interbank Financial Telecommunication), China’s yuan currency was the fifth most-used form of payment in the world in June, up from seventh a year ago. Further, the SWIFT also pointed out that the yuan currency accounted for 2.09% of all global payments, up from 1.39% a year ago. It was behind the U.S. dollar, the euro, the British pound and the yen. The yuan has leapfrogged the Canadian and Australian dollars in the past year.

Why is global yuan payment growing so quickly? As we all know, China is working enough hard to boost the yuan’s global use as it seeks to have it added to the International Monetary Fund’s Special Drawing Rights basket of currencies that already includes the dollar, euro, pound and yen. For example, the London Metal Exchange, the largest venue for trading metals in the world, is set to accept the yuan as collateral for traders on its platform. The yuan currency joins the U.S. dollar, the euro, the British pound and the yen as collateral currencies on the exchange. On the other hand, it's said that China will start a cross-border payment system for the yuan by the end of the year as it seeks to promote its global use.

The first phase of the China International Payment System will begin in Shanghai to handle deals in Asia, Oceania and Europe, the People’s Bank of China said in its yuan internationalization report published on Thursday. CIPS will run from 9 a.m. to 8 p.m. local time and facilitate cross-border trade settlement, direct investments and other yuan deals, according to the report.

The China International Payment System (CIPS), expected to be launched later this year, will now offer at best a complementary network for settling trade-related deals in the Chinese currency to a current patchwork of Chinese clearing banks dotted around the world.The system will allow large international companies doing business with China to settle payments faster by including additional features such as letting CIPS overlap with European and U.S. working hours.

Basing on the above statement, we may assume that can the yuan overtake the dollar? In fact, the yuan is a small but growing player, as the dollar was before the pound-to-dollar transition began. China does not have it as easy as the U.S. once did, but should China proceed with policy reforms, the yuan can prove to be a formidable rival. Anyway, for cross-border trade purposes, both yuan and dollar play an important part in the future. Of course, cross-border trade can't go without third party payment. As the unique global payment system from China, Epay global payment has a crucial role to play. Epay Global Payment is a leading legal and free online payment system with all types of online payment services in seconds,including international money transfer and e money exchange with the help of our mature and stable partner exchangers.Both the settlement of balances in yuan and other currency are available in epay. It's free to pay and get paid and almost all the countries around the world are accepted to use Epay global payment!! want to read more, visit: epay


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