In a report released by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) on October 31st, it was revealed that in September, the proportion of the Chinese Renminbi in global payments dropped to 3.61%, a decrease of 1.08 percentage points from the previous month. This marks the end of a 10-month streak where the Renminbi’s international payment proportion had been above 4%.
The Chinese Communist Party’s efforts to promote the internationalization of the Renminbi, along with the outbreak of the Russia-Ukraine war and Russia being excluded from the US dollar system, have led to a rapid increase in the usage of the Renminbi. Since November 2023, the proportion of international payments in Renminbi had been above 4% for 10 consecutive months. However, this momentum noticeably slowed down in September this year.
According to the report from SWIFT, in the ranking of global payment currencies based on amount, the Renminbi dropped one spot to become the fifth most active currency globally.
The US dollar holds 47.01%, a monthly decrease of 2.06 percentage points but still retaining the top spot; the Euro holds 22.56%, an increase of 0.98 percentage points, securing the second position; the British pound holds 7.41%, increasing by 0.91 percentage points and ranking third; while the Japanese yen increased by 0.29 percentage points to 4.27%, ranking fourth.
Compared to August, the total amount of payments in Renminbi decreased by 23.55% overall. Meanwhile, the total amount of payments in all currencies decreased by 0.67%.
This article has been sourced from Central News Agency.