Published December 23, 2023
-The Chinese yuan was the fourth most used currency in global payments, SWIFT data showed.
-It’s share reached 4.61%, a record high, and was nearly double last year’s levels.
-That’s as Beijing has pushed to internationalize the yuan through cross-border lending and currency swaps.
The Chinese yuan’s share of global payments hit a record high and became the fourth most used currency last month, according to data from the SWIFT Financial System.
In November, the yuan was used in 4.61% of transactions, climbing from 3.60% in October and overtaking the Japanese yen’s share, which slipped to 3.41% from 3.91%.
The world’s other top currencies also lost a bit of share during the month. The dollar’s dipped to 47.08% from 47.25%, the euro’s fell to 22.95% from 23.36%, and the pound’s eased to 7.15% from 7.33%.
While the moves for the top three currencies and the yen are slight on an individual basis, collectively they add up to more than 1 percentage point of share.
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SOURCE: www.markets.businessinsider.com
RELATED: Chart of the Day: China’s Yuan Overtakes Yen to Rank Fourth for Global Payments
Published December 23, 2023
The yuan overtook the Japanese yen to become the fourth-most used currency by value in global payments for the first time in almost two years, according to a monthly tracker of the Chinese currency released by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
The share of the yuan as a global payment currency climbed to 4.61% in November from 3.6% the previous month, according to data compiled by SWIFT and released on Thursday. The redback surpassed the Japanese yen, whose share came in at 3.41% in November, down from 3.91% the month before.
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SOURCE: www.caixinglobal.com
RELATED: Yuan’s global role enhanced as it becomes 4th most active currency
Published December 22, 2023
Use of the Chinese yuan jumped to 4.61 percent of global payments in November, becoming the fourth most active currency for the first time since January 2022 and surpassing the Japanese yen, according to data from global payment services provider Society for Worldwide Interbank Financial Telecommunication (SWIFT) on Thursday （EU time）.
The share of the yuan in global payments jumped from 3.6 percent in October and was the first time since January 2022 that it reached fourth spot. At that time, the yuan’s share stood at 3.2 percent, according to SWIFT.
Overall, RMB payments value increased by 34.87 percent compared to October 2023, compared with a 5.35-percent-increase all payments currencies in general, according to SWIFT.
It mirrors the steady progress in the yuan’s internationalization, the growing appeal of the yuan as a currency for global payments and settlements, combined with a bullish view on the long-term development momentum of China’s economy, analysts said.
In November, the yuan trailed behind the US dollar, which has a 47-percent-share of global payments. The euro, at 23 percent, and the pound, at 7.15 percent, were the No.2 and No.3 most-traded currencies during the month.
“The rising proportion of yuan’s cross-border payments reflects the increasing popularity of yuan in cross-border settlement and payment by various countries, and reflects the confidence of global investors in the long-term development of our country’s economy,” Zhou Maohua, a macroeconomic analyst at Everbright Bank, told the Global Times on Friday.
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SOURCE: www.globaltimes.cn
