Yuan beats loonie as world’s fifth-most-used currency

The Chinese yuan is now the world’s fifth most popular currency for global payments, edging out the Canadian dollar, reports Bloomberg.

The change comes as the International Monetary Fund prepares to review which currencies should count towards member countries’ official reserves. Those denominations are currently the U.S. dollar, the euro, the pound, and the Japanese yen—respectively the world’s four most-used currencies.

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The yuan now has a greater chance of joining those ranks.

Read more here.

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Staff

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