Yuan surpassed the euro as the 2nd most used currency in interna

The use of the yuan in cross-border trade settlements is set to grow by 50 

percent to 6 trillion yuan ($988 billion) in 2014, according to Deutsche 

Bank, reflecting the swift adoption of the currency in trade finance.



This amounts to approximately 20 percent of China's global trade volume, 

compared with an estimated 17 percent in 2013, the bank said. During January

-October this year, the volume of yuan trade settlements totaled 3.55 

trillion yuan.



In October, the yuan surpassed the euro as the second most used currency in 

international trade finance, according to data from the Society for 

Worldwide Interbank Financial Telecommunication (SWIFT).



The share of the yuan's usage in trade finance, such as Letters of Credit 

and Collections, grew to 8.7 percent in October, from 1.9 percent in January

2012, data from the transaction services organization showed.



It now ranks behind the U.S. dollar, which remains the leading currency with

a share of 81.1 percent. The euro's share, meanwhile, dropped to 6.6 

percent in October, from 7.9 in January 2012, and is now in third place.