MNI BRIEF: Yuan's Global Payment Share Falls Again In October
MNI (BEIJING ) - The yuan's share of global payments declined in October to 2.93% from the previous month's 3.61%, but maintained its position as the fifth most active global payment currency, according to data from the Society for Worldwide Interbank Financial Telecommunication (Swift) on Thursday.
The decline followed September's soft performance when the currency's overall payment value also decreased by 23.55%, marking the lowest level since October 2023, while the month-on-month fall reached 1.1 percentage points, the largest on record. (See MNI: PBOC Restarts Counter-Cyclical Factor In Yuan Fix-Traders)
The yuan became the fourth most active global payment currency in Nov 2023 with a share of 4.61%, surpassing the Japanese yen and setting a new record, before falling back to fifth position in September.