The Bank for International Settlements (BIS) said in a 3-year report that China’s yuan improved its tradability rating from 17th in 2010 to 9th, Vedomosti reports.
Its circulation increased to $120 billion a day. The top tradable currencies are the US dollar ($4.65 trillion a day), euro, yen, British pound, Swiss franc, Canadian dollar, Mexican peso and New Zealand dollar.
Anil Savrup, Vice President of Cambridge Mercantile, said that payments of US companies in yuans had increased by 90% in January-June, compared with the same period in 2012, according to Western Union Business Solutions. 12% of payments by US companies to the Chinese ones are made in yuans.
China started loosening currency control in 2009. Payments to local companies in yuans were permitted in 2012.
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