Global use of yuan stays stable

International usage of the yuan remained stable despite a sharp fall in the offshore exchange rate, according to a new report by Bank of China.

In June, the yuan was still fifth in the currency rankings for global payments with a share of 1.81 percent, BOC said in its Offshore RMB Express report citing data from SWIFT, a global financial institution network.

Hong Kong is the key offshore market for yuan payments, accounting for 75.98 percent of the yuan trading volume.

Total turnover via the Real Time Gross Settlements clearing system reached 21.46 trillion yuan (US$3.11 trillion), up 10 percent month on month and 38.7 percent year on year, the report showed.

As of July 31, the quota in the RMB Qualified Foreign Institutional Investors program came in at 622.1 billion yuan, according to data from the State Administration of Foreign Exchange.