RMB gains larger share in global payments: SWIFT

The Chinese currency renminbi (RMB), or the yuan, has retained its position as the fifth most active currency for global payments by value in May with a larger share, said the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of financial messaging services.

The RMB's share in global payment accounted for 2.15 percent last month, up from the 2.14-percent share in April, showed a monthly report published by the SWIFT.

The value of RMB payments increased by 4.04 percent compared to April 2022, while in general, all payments currencies increased by 3.88 percent, the report said.

In terms of international payments excluding payments within the Eurozone, the RMB ranked sixth with a share of 1.43 percent last month.

The Hong Kong Special Administrative Region is the largest market for offshore RMB transactions, taking up 73.63 percent, followed by the United Kingdom, Singapore and the United States, according to the report.