The Chinese yuan became one of the top five payment currencies in the world in November, according to the latest data from SWIFT, one of the largest international interbank transaction companies. The yuan jumped from seventh to fifth place, overtaking the Australian and Canadian dollars. With the yuan accounting for 2.17% of global payments, it is not far behind the Japanese yen, which has a 2.69% share.

As Wim Raymaekers, Head of Banking Markets at SWIFT, puts it:

The RMB breaking into the top five world payments currencies is an important milestone. It is a great testimony to the internationalisation of the RMB and confirms its transition from an ‘emerging’ to a ‘business as usual’ payment currency. The rise of various offshore RMB clearing centers around the world, including eight new agreements signed with the People’s Bank of China in 2014, was an important driver fueling this growth.”

Less than two months ago, we learned that China surpassed the United States as the world’s largest economy when adjusted for purchasing power parity. The question remains: how long will China continue to peg its strengthening currency to what is ultimately going to be a weakening US dollar? Peter Schiff thinks 2015 could be the year the Federal Reserve begins a fourth round of quantitative easing, and that this event could finally push the Chinese to abandon the dollar. Here’s Peter’s latest thoughts: