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As of September 2023, the yuan accounted for 5.8% of international payments, up from 4.82% in August, which is the highest share the Chinese currency has held in the last five years, according to SWIFT system data.
The rise of the yuan in international trade settlements is seen as a reflection of China's growing economic power and its efforts to make the yuan a global reserve currency. However, the yuan's share is still negligible compared to the dollar's 46.6%.China introduced the yuan as its currency system in the late 1800s, and it has had a currency peg since 1994. This peg, along with China's robust export economy, has helped the yuan gain traction in global trade.
The recent data from SWIFT indicates a shift in the global financial landscape, with the yuan's growing prominence signalling China's increasing role in international trade and finance.
Chinese yuan beats Euro, is 2nd most used currency in global payments system SWIFT
As of September 2023, the yuan accounted for 5.8% of international payments, up from 4.82% in August, which is the highest share the Chinese currency has held in the last five years, according to SWIFT system data.
