The Strategist

RMB share in SWIFT payments reaches highest since January 2022

06/22/2023 - 03:41

According to the system’s data, the proportion of yuan used in international payments made through SWIFT in May rose to 2.54%, the highest level since January of last year.

An indicator, which was significantly larger than the May value for this year, was noted in January 2022, when 3.2% of yuan payments were made via SWIFT. When compared to April 2023, the share increased by 0.25 percentage points in a single month.

In May, the dollar continued to be the most widely used currency. However, compared to April, its proportion has decreased by 0.11 percentage points, rising to 42.6%.

Over the course of the month, the European currency's share declined by 0.04 percentage points, nearly remaining unchanged. It was 31.7% at the end of May.