The share of the yuan in trade settlements via the SWIFT system reached a record 5.8%
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At the end of September 2023, the yuan overtook the euro for the first time in trade settlements via SWIFT. The share of the Chinese national currency increased to 5.8%, according to data from the payment system (.pdf). At the same time, the yuan ranks fifth in global international payments. In September, its share increased from 3.47% to 3.71%.
The dollar remains the leader among currencies in global international settlements through the SWIFT interbank system – 46.58%; in trade settlements, the share of the American currency was 84.15%. The euro ranks second in global payments (23.6%) and third in trade (5.43%).
Currency rating in trade settlements via SWIFT based on September results:
- USD (dollar) – 84.15%;
- CNY (Chinese yuan) – 5.8%;
- EUR (euro) – 5.43%;
- JPY (Japanese yen) – 1.4%;
- SAR (Saudi riyal) – 0.56%.
Read more about the operation of the cross-border transfer system in the Kommersant article. “Where does the money go”.
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