RMB becomes 4th most active currency for global payments: SWIFT

A staff member of the Bank of Communications demonstrates the use of the online wallet of digital RMB at the Happy Valley Beijing theme park the in Beijing, capital of China, June 16, 2021. (Xinhua/Chen Zhonghao)

The Chinese currency renminbi (RMB), or the yuan, climbed one position to become the fourth most active currency for global payments by value in December 2021, with a share of 2.7 percent, said the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of financial messaging services, on Jan. 20.

The value of RMB payments increased by 34.6 percent compared to November 2021, while in general all payments currencies increased by 6.44 percent.

In terms of international payments, excluding payments within the Eurozone, the RMB ranked 6th with a share of 1.91 percent in December 2021.

In November 2021, the RMB retained its position as the fifth most active currency for global payments by value, with a share of 2.14 percent.

In terms of international payments, excluding payments within the Eurozone, the RMB ranked 6th with a share of 1.38 percent in November 2021.