Renminbi now fourth most-used world payment currency
The Chinese renminbi has overtaken the yen as the fourth most-used currency for global payments, according to data from the Society for Worldwide Interbank Financial Telecommunications (Swift) released this week.
The renminbi entered the top four in August 2015, with a share of 2.79% in global payments by value. Just three years ago, it ranked number 12, with a share of 0.84%, and surpassed seven other currencies over this time.
Since 2011, the renminbi has steadily progressed along its path to
More on Reserves
Latest issue
Most read
- Treasury committee to investigate BoE’s lack of diversity
- Canada’s Project Jasper to explore clearing of securities in third phase
- Bank of Portugal sells majority share in ‘good bank’
- Fed’s Powell: banks still have important role in payments
- Xi sees renminbi taking greater role in global monetary system
Back to Top