The volume of the Chinese yuan’s daily foreign exchange transactions have nearly doubled in the past three years.

According to a report by the Bank of International Settlements, the RMB’s daily transaction volume stood at U.S.$202 billion by April 2016, accounting for 4 percent of all international forex transactions.

The proportion was up from 2 percent three years ago. The yuan now ranks eighth in the world in terms of transaction volume.

Analysts say the internationalization of the yuan encourages traders to increase the use of the Chinese currency.