Renminbi Series: Yuan’s share in global payments rose in January while dollar dominates

Despite President Trump’s toughening stance towards foreign policies and trade relations, 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 40.08 percent of all global payments, processed through the SWIFT in the month of January.
• The share of the USD rose by almost 1.1 percent from July 2018, and by 0.52 percent compared to December 2018.

However, Yuan is continuing its gradual rise,

• In January 2019, the Yuan’s share in global payments rose by 0.03 percent m/m to 2.15 percent.
• Yuan’s share rose by 0.69 percent over the past year.
• Yuan is currently the fifth most used currency in the payment system, behind the euro (34.17 percent), the pound (7.07 percent), and the Japanese yen (3.30 percent).