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The currency had an 8.66 percent share of letters of credit and collections in October, compared with 6.64 percent for the euro, Swift said in a statement today
The renminbi is clearly a top currency for trade finance globally and even more so in Asia,”
The European Central Bank and the People’s Bank of China agreed to establish a bilateral currency swap line of as much as 350 billion yuan, the Frankfurt-based central bank said in October.
The yuan has appreciated 2.3 percent against the greenback this year, the best performance in Asia, according to data compiled by Bloomberg. The currency closed at 6.0924 per dollar today in Shanghai, little changed from yesterday.
reply to post by DJW001
Umm... I think it's the Chinese who are dropping the dollar. Think BRICS