Renminbi Series: Yuan’s share in global payments rises in April; dollar continues dominance

Despite President Trump’s toughening stance towards foreign policies and trade relations and use of USD as a means to impose sanctions, the dollar continues to dominate the global payment system.

The dollar continues to dominate:

• According to the latest SWIFT report, the U.S. dollar accounted for 40.76 percent of all global payments, processed through the SWIFT in the month of April.
• The share of the USD 0.66 percent compared to March.

However, Yuan is continuing its gradual rise,

• In April 2019, the Yuan’s share in global payments declined by 0.01 percent m/m to 1.88 percent.
• Due to this rise, Yuan’s share declined 2.3 percent compared to March 2019. All currencies payments value decreased by 1.97 percent.
• Yuan is currently the fifth most used currency in the payment system, behind the euro (33.16 percent), the pound (7.11 percent), and the Japanese yen (3.47 percent). The yuan is the eighth most used currency when payments within Eurozone excluded with 1.2 percent share compared to 47.02 percent for USD.