Adoption of yuan payment declines in October

Yuan international payments fell by 10 percent in October over the previous month, a report by SWIFT RMB Tracker showed on Monday.

The tracker provides monthly reporting on key statistics to understand the progress made by the yuan toward becoming an international currency.

October is the second consecutive month that saw a decline in yuan payments, leading to it being demoted to No 16 in the world currency payment table, according to the report.

Institutional transfers, as opposed to trade settlements, are driving the adoption of the yuan, representing 98 percent of the total payments value for the United Kingdom and 94 percent for Singapore in October 2012, according to the report.

SWIFT is a member-owned cooperative that provides products and services to connect more than 10,000 financial institutions and corporations in 212 countries and territories.