(Yicai Global) July 27 -- China's yuan has moved up one place to sixth in a ranking of the most widely used currencies in global payments despite recent falls in value compared to the US dollar.

The redback made up a 1.8 percent share of all payments made worldwide up from sixth in June 2016, according to the latest report from the Society for Worldwide Interbank Financial Telecommunications on July 26.

The yuan has been on a losing streak against a stronger dollar since June following a 3.7 percent increase in the first quarter. Its central parity against the US dollar fell by 2,088 basis points to 6.6166 from 6.4078 in the last trading day in June, marking a 3.25 percent decline.

Editor: William Clegg