News Summary: Yuan joins most traded currencies

News Summary: China's yuan joins world's most traded currencies for first time, bank says

Associated Press

TOP TIER: China's yuan has joined the ranks of the most traded currencies for the first time, underlining the growing might of the world's second-largest economy.

THE BACKGROUND: China's leaders want the yuan to become an international currency and have been promoting its use as an alternative to the dollar.

FAST RISE: The yuan became one of the top 10 traded currencies in 2013, rising to No. 9 on the list due to a "significant expansion" in offshore trading, according to the Bank for International Settlements, an international organization of central banks. In the bank's last survey in 2010, the yuan, also known as the renminbi, was No. 17.

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