Australia Dollar and Global Payments

global payments: Largely unnoticed, the yuan as the Chinese renminbi is commonly known has already overtaken Canada and Australia dollar to rank fifth for use in global payments, behind the Japanese yen, Britain pound sterling, the euro and the US dollar according to the Society for Worldwide Interbank Financial Telecommunication through which the financial world conducts its business operations, according to Deutsche Welle. The biggest obstacle to its continued rise, however, is the fact that it is not free-floating, but rather pegged to the US dollar and The US dollar as the world top reserve currency was never going to be replaced from one day to the next. But it might happen sooner than many would have expected. Even so, for the time being, the yuan is used in just 2 percent of global payments. The US dollar is used in 44 percent. A vast difference. But it seems less imposing when one considers the astonishing leap in the yuan market share. The yuan climbed 100 percent as a payments currency in 2014, while others managed just 4 percent. Over 25 percent of China trade dealings with the world are conducted in yuan. (news.financializer.com). As reported in the news.