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Singapore benefits from yuan market

29 April 2014 Last updated at 04:15 BST

The use of China's currency, the yuan, has grown exponentially in recent years. It is now the seventh most-used currency for global payments.

Processing those payments is big business, which is why the world's major financial centres are racing to grab a slice of China's fast-growing foreign exchange market.

According to new data, Singapore has overtaken London as the world's second-largest clearing centre for the yuan, behind Hong Kong.

Michael Moon, who works for the global transaction services organisation SWIFT, explains the currency's popularity.

Watch more clips on Asia Business Report's website.