Clearing the path for global currency

Report highlights ways to boost renminbi's international role

A more efficient system should be in place to facilitate the increasingly wide use of the yuan in global transactions, according to a report by SWIFT, the communication platform among international banks.

Global use of the currency has surged. In August the renminbi rose to 14th in the table of payment currencies, up from 35th in October 2010, according to a report by the Society for Worldwide Interbank Financial Telecommunication.