BRICS: Chinese Yuan Surpasses Euro, Becomes Second Main SWIFT Currency

BRICS member China is aggressively pushing its native currency, the Chinese Yuan, to compete against the US dollar, Euro, Pound, and other local currencies. In a first, the Chinese Yuan surpassed the Euro becoming the second main currency in SWIFT transactions. Euro’s use in international SWIFT payments is at its 3-year low while the Chinese Yuan is at its 5-month high.

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