Renminbi’s Share of Global Payments Hits Record High after Doubling During COVID Pandemic

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The Chinese currency has seen its share of global payments surge ahead of Japan and Canada to hit a record high at the start of 2022, according to data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

The renminbi’s share of international payments stood at 3.20% in January, putting it in fourth place behind the US dollar (39.92%), the euro (38.58%) and the British pound (6.30%).

This figure marks a near-doubling compared to two years ago, when the renminbi ranked sixth with a 1.65% share of global payments.

In January 2020 the renminbi ranked behind both the Canadian dollar and the Japanese yen in terms of international payments, with the latter two laying claim to shares of 1.84% and 3.32% respectively.