China’s Renminbi to be the 4th fourth most-used currency: Report

China's currency Renminbi (RMB) has become the world's second trade-finance currency after the dollar, and might become the fourth most-used currency in the world by replacing Japanese Yen, according to a report by a Chinese University.

RMB is now the fifth payment currency, and sixth foreign-exchange currency in the world, PTI reported, citing a report by Renmin University of China.

The currency will also become the world's fourth international currency.

According to Chen Yulu, president of the university, during the 2015 International Monetary Forum that RII (RMB Internationalisation Index) has raised from 0.02 in 2009 to 2.47 in 2014.

Level of acceptance of RMB worldwide is significantly improved as the RMB cross-border flow reaches 6.55 trillion (over $1 trillion) in 2014, seeing a rise of 41.6%.

RMB constitutes 2.96% of worldwide trades, seeing a direct investment of 1.05 trillion, the report said.

With progress made in the construction of One Belt, One Road (Silk Road projects) RMB will see a greater surge in market share, it said.

(Image: Reuters)