According to the source, Chinas central government selected Shanghai as the home of the system because of the citys leading role in global RMB transactions. Cross-border transactions have been increasing steadily in recent years, reaching USD 81 billion (492 billion CNY) in 2012, with an annual increase of almost 50%.
According to statistics from the Society for Worldwide Interbank Financial Telecommunication, RMB was the second largest currency used for trade settlements as of October 2013, with a market share of 8.66%, surpassing the EUR. But RMB as a trading currency ranked only 9th in the global foreign exchange market, according to the Bank of International Settlements.
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