China's yuan shifts into currency major league

``After a surge in interest last year, China's yuan is heading for the currency major league, with trading volumes more comparable to the euro, sterling, Australian dollar and Swiss franc than its emerging market peers... the latest City of London figures, covering the first half of 2014, suggest yuan volumes already stretch into tens of billions daily, factoring in forwards, swaps and trade done within the biggest banks. The London report also suggests as much as half of all yuan offshore spot trade is now London-based. A flurry of activity around a fall in the yuan last March briefly made it the second most traded currency on Reuters.''