DHAKA: China’s yuan has become the world’s fifth most widely used payments currency, with the value of cross-border deals settled in it more than doubling in 2014, data from transactions organisation Swift showed Wednesday.

The data comes as China looks to make the yuan used more internationally in line with its standing as the world’s second-largest economy, while at the same time keeping its value tightly controlled.

The yuan, also known as the renminbi (RMB), overtook the Canadian dollar and the Australian dollar to enter the top five of world payment currencies in November, according to a Swift statement.

It has climbed eight spots in fewer than two years, having been in 13th place in January 2013, reports The Straits Times.

BDST: 1200 HRS, JAN 28, 2015