FINANCE

Yuan Ranks Third in Global Payments Under Broader Measure, PBOC Chief Says

Published: Oct. 19, 2026 11:25 p.m. GMT+8

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The PBOC will continue expanding its network of yuan clearing banks to serve more businesses, Pan said. Photo: VCG

The yuan accounts for 6% to 7% of global payments when transactions through China’s cross-border payment system and internal banking networks are included, making it the world’s third-most-used currency by that measure, People’s Bank of China (PBOC) Governor Pan Gongsheng said Monday.

Speaking at the 2026 Financial Street Forum annual conference, Pan said market demand had driven the yuan’s internationalization to a new level.

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PBOC Governor says yuan is world’s third-most-used currency, holding 6–7% of global payments when including CIPS and internal bank networks; SWIFT data places it fifth at 3–4%.
PBOC will expand yuan clearing banks, boost yuan-denominated assets via Bond Connect/Swap Connect, and support offshore centers in Hong Kong, London, Singapore, and Dubai.
As of June 2026, 32 active swap agreements totalled 4.5 trillion yuan ($672B); offshore yuan deposits hit a record 1.8 trillion yuan by Q1, about 1 trillion in Hong Kong.

AI generated, for reference only

What Happened When

February 2025：: The PBOC launched a 100-billion-yuan trade finance liquidity arrangement in Hong Kong.

After February 2025：: The PBOC progressively enlarged the trade finance liquidity facility.

End of the first quarter of 2026：: Deposits in major offshore yuan markets reached a record of about 1.8 trillion yuan, including about 1 trillion yuan in Hong Kong.

End of June 2026：: The PBOC had 32 active bilateral local-currency swap agreements totaling about 4.5 trillion yuan ($672 billion); foreign central banks had drawn 132.8 billion yuan under those agreements as of that date.

By July 2026：: The Hong Kong Monetary Authority increased its yuan business liquidity facilities to 500 billion yuan.

Wednesday (2026 Financial Street Forum annual conference)：: PBOC Governor Pan Gongsheng spoke at the 2026 Financial Street Forum annual conference, stating the yuan accounts for 6% to 7% of global payments when including CIPS and internal banking networks, making it the world's third-most-used currency by that measure.

In 2026 (specific month not specified)：: Pan noted that SWIFT data puts the yuan fifth globally with a 3-4% share; the broader calculation places it third. He also stated the yuan is already the most-used currency for China's cross-border receipts and payments and the second-largest trade finance currency.

AI generated, for reference only