According to the Bank for International Settlements (BIS), the Chinese national currency has cracked the list of top-10 most-traded currencies for the first time. The Chinese yuan climbed above the Russian ruble and during the 2010 – 2013 period surged to its highest ranking on the list. Thus, ranked 17th three years ago, the renminbi now rose to No.9. The ruble was last in the top ten; however, now it fell to 12th position. That was expected by the majority of analysts. Currently, Russia’s currency is back to the results of 1998 with its share of global turnover climbing 1.3 points to 1.6%. Close to the Turkish lira and Brazilian real, the ruble witnesses increase in its turnover.
Moreover, the Mexican peso also regained a top-10 place, in eighth, for the first time in 15 years. The top-three currencies are the same since 2001. The U.S. dollar is ranked first, followed by the euro and Japanese yen. The greenback’s share of global turnover rose 2% to 87%, while the euro’s share fell to 33%, marking the record low since its introduction. The share of the Japanese yen in the world’s turnover increased 3 points to 23%.
The BIS said the average daily foreign exchange trading volume advanced 33% totaling $5.3 trillion U.S. dollars. This fact reflects the increase in international trading and investments in emerging-market currencies.