China’s volume of international trade in its yuan (renminbi or RMB) currency plunged by almost 12 percent in September on fading confidence in its financial stability.
The slump in cross-border transaction volume in China’s yuan occurred even as international trade payments volume rose 0.19 percent in September from August, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) reported. The organization provides for secure tracking of global interbank transactions for more than 11,000 financial institutions in over 200 nations.
