Friday, November 27, 2020

Tag: Use of the Chinese Yuan in international trade could take next step forward as SWIFT system nearly complete with language upgrades

Use of the Chinese Yuan in international trade could take next step forward as SWIFT system nearly complete with language upgrades

by Kenneth Schortgen, Shotgun Economist:

It appears that for the longest time one of the largest barriers in seeing the Chinese currency expand internationally was due to their complex language and the inability for Western payment systems to easily process Yuan based transactions. But that could soon be changing as the SWIFT system is on the cusp of localizing its processes to allow for easier access to currency use in alternative languages.