Renminbi in ranks of top five payment currencies

The yuan moved into the top five among world payment currencies in November, overtaking the Canadian and Australian dollars by value, the Society for Worldwide Interbank Financial Telecommunication said on Wednesday.

In December, the Chinese currency reached a record high share of 2.17 percent in global payments by value, rising from 0.63 percent in January 2013. It now trails the Japanese yen, which has a share of 2.69 percent.

"The renminbi breaking into the top five world payment currencies is a milestone. It is a great testimony to the internationalization of the renminbi and confirms its transition from an 'emerging' to a 'business as usual' payment currency," said Wim Raymaekers, head of banking markets at SWIFT.