Yuan gains larger share in international payment: SWIFT

BEIJING: The Chinese currency yuan, has retained its spot as the fifth most attractive currency for global payments by value in January but with a larger share as a global payment currency, said the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of financial messaging services.

In January, the RMB’s share in global payment accounted for 2.425, up from the 2.15% share in the same period in 2019, showed a monthly report published by the SWIFT.

Value of RMB payments increased by 21.34% last month compared with that of December 2020, while in general all payments currencies decreased by 5.86%, the report added.

The Hong Kong Special Administrative Region is the largest market for offshore RMB transactions, taking up 75.93%, followed by the economies of the United Kingdom, Singapore and the United States, according to the report.

— Xinhua

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