RationalFX, the online-based money exchange, has made its money transfer platform available in Chinese, citing the country’s growing high net worth population as part of the reason.

The firm told this publication that its services are increasingly being used by wealthy individuals as they allow large sums of money to be transferred online.

Quoting figures from the World Bank, the firm said that China was second only to India in terms of personal money transfer and that $57 billion is being sent to the country each year.

“The yuan is destined to be as powerful as the US dollar,” Jake Holloway, head of eCommerce at RationalFx and responsible for Xendpay online money transfer platform, told WealthBriefingAsia. “However before it can do that, it must make it as a currency of regional and then global trade, and not just trade with China.  As this inevitably happens, we see more and more payments flowing in and out of China in yuan.”