Global enthusiasm for yuan-denominated transactions experienced a rare decline in February as the currency's decade-long appreciation came to a halt, and volatility picked up.

The Society for Worldwide Interbank Financial Telecommunication said on Wednesday that the yuan fell one spot to eighth place in the ranking of its most actively traded global payment currencies.

Yuan payments decreased 8.5 percent month-on-month, SWIFT said. The agency attributed the slide to the Lunar New Year, which took five working days out of the month.