The renminbi has clocked up another important milestone on its march towards internationalisation - breaking into the top five most used payment currencies in the world.
According to data from Swift, 2.17 per cent of the world's payments were conducted using the Chinese currency in December, putting it above both the Canadian and Australian dollars for the first time writes the FT's Josh Noble in Hong Kong.
The renminbi now sits just behind the yen in terms of transactions, with the pound, the euro and the dollar completing the top five. During 2014, payments made in the Chinese currency more than doubled from the previous year.
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