Renminbi now fourth most-used world payment currency

The Chinese renminbi has overtaken the yen as the fourth most-used currency for global payments, according to data from the Society for Worldwide Interbank Financial Telecommunications (Swift) released this week.

The renminbi entered the top four in August 2015, with a share of 2.79% in global payments by value. Just three years ago, it ranked number 12, with a share of 0.84%, and surpassed seven other currencies over this time.

Since 2011, the renminbi has steadily progressed along its path to