The global transaction services organization SWIFT says the Chinese currency is increasingly being used by financial institutions worldwide to settle transactions.

The organization said the yuan remained the fifth most used currency for global payments by value in February.

Data from the SWIFT showed that the Chinese currency had a market share of 1.8 percent during the month.

Nearly 40 percent of all institutions exchanging payments with the Chinese mainland and Hong Kong across all currencies were using the yuan for payments in the month.

The number represents an 18-percent increase over the past two years.