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Yuan becomes 5th most traded currency, helped by sanctioned Russia

BIS data shows it surpassing Australian, Canadian and Swiss currencies

The yuan rose three places to No. 5 in the Bank for International Settlements' triennial survey on currency trading.

SHANGHAI/TOKYO -- China's yuan has jumped to fifth place in currency transactions, new data shows, as the country's economic expansion increases trade and sanctions-hit Russia turns to the Chinese market.

The yuan's average daily turnover in April came to $526 billion -- up 85% from the same month of 2019, according to data published by the Bank for International Settlements.

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