The transaction data compiled by the Global Bank of Financial and Telecommunications Association (SWIFT) of the Global Financial Information Service Institution shows that the RMB surpassed the yen last month and became the fourth largest currency in international payment since early 2022.
According to Bloomberg News on Friday (December 22), in November this year, the proportion of RMB in global payment transactions rose from 3.6%in October to 4.6%, exceeding 3.4%of the yen, and createdRMB highest record.The last time the RMB was ranked fourth in January 2022.
In November, the US dollar maintained a leading position with a proportion of 47%, and the euro and the pound followed closely, 23%and 7.15%, respectively.
According to SWIFT data, 80%of offshore RMB transactions (excluding mainland China) are carried out through Hong Kong.Other major overseas trading centers of RMB include Britain, Singapore and the United States.In November, RMB accounted for 5.7%in global trade financing, far lower than the US dollar, but higher than the euro.
Reported that although SWIFT's data does not cover the entire global foreign exchange market, the report provides a window to understand the changes in the nature of global foreign exchange.Although since SWIFT has followed the payment, the US dollar has been dominant as a global reserve currency, the proportion of RMB has risen steadily from less than 0.1%in 2010.
For the rising proportion of RMB payment, Shanghai Securities News quoted Zhou Maohua, a macroex researcher of the Everbright Bank Financial Market Department in October this year that China and the "Belt and Road" national trade has developed rapidly.The change of agreement, etc., facilitates cross -border settlement payment, saves exchange costs, and reduces potential risks of exchange rate fluctuations.
