RMB developing quickly as major world currency

The renminbi is on track to become the third-largest international currency behind the US dollar and the euro within five years as China accelerates its promotion of the yuan, said a Renmin University of China report released on Sunday.

Last year, RMB cross-border trade settlement amounted to 4.63 trillion yuan ($746 billion), up 57.5 percent from 2012. It accounted for 2.5 percent of cross-border trade settlement worldwide, the report said.

By the end of the fourth quarter of 2013, direct investment settled in renminbi amounted to 533 billion yuan, 1.9 times the same period in 2012.