The Global Interbank Financial Telecommunication Network (SWIFT), a global financial messaging service, released its monthly report indicating that China’s yuan is increasingly used in global payments, ranking fifth in the world by value in May.
The report states that The share of yuan currency used in global payments was 2.15 percent in May, up from 2.14 percent in April, with the value of yuan payments rising 4.04 percent in November. Aug. Compared to Apr. while overall Payments in all currencies, up 3.88%
in terms of international payments This does not include payments within the eurozone. The yuan ranked sixth in the world, accounting for 1.43 percent in May.
Xinhua news agency reported that Hong Kong is the largest market outside mainland China for yuan transactions. with 73.63%, followed by the United Kingdom, Singapore and the US.