Renminbi Series: Yuan’s share in global payments rises in March; 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 …
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 40.01 percent of all global payments, processed through the SWIFT in the month of March.
The share of the USD 0.93 percent compared to February.
However, Yuan is continuing its gradual rise,
In March 2019, the Yuan’s share in global payments declined by 0.04 percent m/m to 1.89 percent.
Due to this rise, Yuan’s share rose by 17.04% compared to February 2019. All currencies payments value increased by 14.45 percent.
Yuan is currently the fifth most used currency in the payment system, behind the euro (33.75 percent), the pound (7.24 percent), and the Japanese yen (3.46 percent). The yuan is the eighth most used currency when payments within Eurozone excluded.
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