Russia becomes one of biggest markets for yuan payments ...News

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Russia becomes one of biggest markets for yuan payments
SWIFT ranks Russia third after Hong Kong and Britain, in the global use of China’s currency Russia has become the third largest market outside mainland China using the yuan for global payments, according to data released by the global financial messaging firm SWIFT. Last month, Russian businesses and financial institutions were reportedly involved in nearly 4% of international yuan payments by value, compared to only 1.42% recorded in June. Hong Kong remained the top source of yuan transactions outside mainland China with 73.8% of the total, followed by the UK, with 6.4%. Singapore and the US were fourth and fifth

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