The Chinese Yuan managed to overtake the currencies of Australia, Canada and Switzerland to become the fifth most traded currency in the world.
According to the Bank for International Settlements' (BIS) Triennial Central Bank Survey on Thursday, the yuan was involved in 7% of all trades in 2022 compared to 4% three years ago with daily trading volume rising 14% to $7.5 trillion.
After that, where is the position of the king of the American dollar currency?
Must be number 1! The US dollar continues to maintain its position as the most traded currency in the world accounting for 88% of all transactions.
While the euro, yen and pound managed to maintain their place in the top four charts.
However, a different fate befell New Zealand's worst-performing currency, falling from number 10 to 14 in the chart after being beaten by the Singapore dollar, Swedish krona, Korean won and Norwegian krone.
Russia, which accounted for less than 1% of the global total in 2019, was excluded this year and Dubai was included for the first time.
When compared to the world's major currencies, the Malaysian ringgit is definitely further down, ranking 32nd, accounting for only 0.2% of all transactions.
The survey, which is conducted every three years, involves more than 1,200 banks and traders in 52 jurisdictions.
