Renminbi Series: Yuan’s share in global payments rises in May; 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 percent of all global payments, processed through the SWIFT in the month of May 2019.
The share of the USD down 0.76 percent compared to April.
However, Yuan is continuing its gradual rise,
In May 2019, the Yuan’s share in global payments rose by 0.07 percent m/m to 1.95 percent.
Due to this rise, Yuan’s payment value rose by 5.69 percent compared to April 2019. All currencies payments value increased by 1.73 percent.
Yuan is currently the fifth most used currency in the payment system, behind the euro (34.42 percent), the pound (6.66 percent), and the Japanese yen (3.18 percent). The yuan is the eighth most used currency when payments within Eurozone excluded with 1.25 percent share compared to 45.83 percent for USD.
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