Yuan’s Popularity for Global Payments Hits Five-Year High
- Renminbi was the fifth-most used for global transactions
- The greenback retained top spot in January followed by euro
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The Chinese yuan is making deeper inroads as a currency of choice for cross-border payments, with global transactions climbing last month to their highest level since January 2016.
Payment activity in the renminbi, as the currency is also known, jumped from a year earlier, according to data from the Society for Worldwide Interbank Financial Telecommunications, which handles cross-border payment messages for more than 11,000 financial institutions in 200 countries. Despite the increase, the yuan accounts for about 2.4% of the market versus the dollar at 38%.