The Strategist

SWIFT: Global RMB settlements grew faster than other currencies in November

12/27/2022 - 08:55

According to SWIFT's monthly bulletin, RMB payments increased by more than 15.6% in November 2022 compared to a 19.86% fall in October.

faungg's photos via flickr
faungg's photos via flickr
Only 3.9% more payments were made in other foreign currencies during the month.

The demand for international payments placed the Chinese yuan in the fifth position with a share of 2.37% (up from 2.13% in October). With a share of 1.63% in November's international payments sector, excluding payments within the euro area, the yuan ranked sixth.

With 41.4% of all overseas payments, the US dollar came out on top. The euro recovered from a lengthy decline to reach 36% (the 2nd place). The British pound, which held onto third place in the table of currencies for international payments, has dropped significantly, to 7.09%, and is now in fourth place behind the Japanese yen (2.54%).