China's yuan jumps to fourth most-used world payment currency

Recently devalued currency overtakes Japan's yen in terms of world payments, and now only comes behind the US dollar, euro and sterling

China's yuan has become the fourth most-used world payment currency, overtaking the Japanese yen, global transaction services organisation Swift has said.

The yuan has surpassed seven currencies in the past three years as a payment currency and now only comes after the US dollar, the euro and the sterling.