Apr 18, 2024 12:42 PM
FINANCE
Yuan Keeps Climbing in Global Payment Rankings as Euro Slips, SWIFT Says
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The yuan has been the world’s fourth-most transacted currency since November, according to SWIFT data — overtaking the yen for the first time since 2022. Photo: Bloomberg
(Bloomberg) — The Chinese yuan is accounting for a growing share of international payments, while the euro’s share continues to ebb, according to transaction data compiled by global financial messaging service the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
The portion of transactions involving the yuan rose to 4.7% in March, the highest since SWIFT created a new baseline in July. The euro’s share dipped below 22% last month, under the 24.4% level logged when SWIFT introduced the new scale.
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