Singapore and Hong Kong exchanges to collaborate on yuan

Meanwhile, on Tuesday the Society for Worldwide Interbank Financial Telecommunication (SWIFT) said that the yuan has overtaken the euro as the second most used currency international trade finance.

"Our collaboration with HKEx, through new products and services available on both exchanges, is yet another example how the Asian Gateway enables easier access to Chinese capital markets," Böcker said in a statement.



http://www.cnbc.com/id/101244789

I wonder what will happen to the US dollar once the Chinese yuan becomes most traded currency.

http://www.cnbc.com/id/101241055

The yuan has overtaken the euro as the second most used currency in international trade finance, according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

The share of the Chinese currency's usage in trade finance, such as Letters of Credit and Collections, grew to 8.7 percent in October, from 1.9 percent in January 2012, data from the transaction services organization showed.

It now ranks behind the U.S. dollar, which remains the leading currency with a share of 81.1 percent.