China’s yuan has jumped to fifth place in currency transactions, new data shows, as the country’s economic expansion increases trade and sanctions-hit Russia turns to the Chinese market, reports Nikkei Asia. The yuan’s average daily turnover in April came to $526 billion—up 85% from the same month of 2019, according to data published by the Bank for International Settlements.
The Chinese currency accounted for 7% of overall transactions, up 2.7%. The sum of percentage shares totals 200% because two currencies are involved in each transaction. The yuan trailed only the dollar, the euro, the yen and the pound.
The yuan, which ranked No. 8 in terms of share in April 2019, surpassed the currencies of Australia, Canada and Switzerland in the new ranking. The BIS releases data on over-the-counter foreign exchange turnover every three years based on reports from central banks around the world.