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Yuan rises in ranks of top global currencies

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China’s national currency has reached its highest level of popularity in cross-border payments since 2015

The yuan has now firmly placed itself among the world’s top five most popular currencies for cross-border payments, securing the fourth spot for the first time in six years.

When the Society for Worldwide Interbank Financial Telecommunications (SWIFT) started tracking cross-border payment messages in 2010, the yuan ranked only 35th.

The Chinese currency’s transaction activity recently surged to its second-highest level on record, Reuters reported citing SWIFT. The yuan accounted for roughly 2.7% of global payments in December 2021.

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Against the US dollar, the yuan posted its second straight year of gains in 2021. It also became last year’s best performing emerging market currency, rallying on surging exports, a growing trade surplus, and robust capital inflows into Chinese assets. Data shows global holdings of Chinese government bonds also hit a record high last month.

Meanwhile, the top spot on the list of the globe’s most popular currencies is firmly held by the US dollar with 41% of global payments. The euro occupies second place, while the British pound resides in third, having kept this spot since 2011. The Japanese yen has dropped out of the top five.

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(RT.com)

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