The yuan has overtaken the euro as the second most used currency in international trade finance, according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
The share of the Chinese currency's usage in trade finance, such as Letters of Credit and Collections, grew to 8.7 percent in October, from 1.9 percent in January 2012, data from the transaction services organization showed.
It now ranks behind the U.S. dollar, which remains the leading currency with a share of 81.1 percent.
The euro's share, meanwhile, dropped to 6.6 percent in October, from 7.9 in January 2012, and is now in third place.
(Read more: Yuan now one of world's most tradable currencies)
The top five countries using the renminbi (RMB) for trade finance in October were China, Hong Kong, Singapore, Germany and Australia.