The Chinese currency Renminbi (RMB), also known as the yuan, has ascended to become the fourth most active currency for global payments by value in November. According to a report released Wednesday by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the RMB now holds a 3.89 percent share in global transactions.
This marks a significant increase of 22.12 percent in RMB payments compared to October. The yuan had previously maintained its position as the world's fourth most active currency for ten consecutive months by August this year. Despite the Japanese yen briefly reclaiming the fourth spot in September and October, the RMB has surged once more to secure the position in November.
The People's Bank of China (PBOC), the central bank of China, has been proactive in strengthening the yuan's international presence. The PBOC has established bilateral currency swap agreements with 42 foreign central banks and monetary authorities. Currently, 29 of these agreements are in effect, totaling approximately 4.1 trillion yuan ($561.72 billion), as reported by the PBOC.
This strategic move not only enhances the RMB's role in global finance but also reflects China's ongoing efforts to promote its currency in international markets, fostering greater economic integration and cooperation.
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RMB surpasses yen as 4th most popular currency for global payments
cgtn.com
