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Chinese Yuan Transactions Take Increased Share of Global Payments

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, the global financial messaging service, released a report on Dec. 21 showing that the renminbi has overtaken the Japanese yen’s share in global transactions (4.61% to 3.41%), as of November 2023, reported RT.

The Chinese yuan (or renminbi) has now risen to be the fourth most active currency for the first time since January 2022. At the same time, the U.S. dollar, euro and the U.K. pound’s shares have all decreased since October 2023.

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