China’s RMB retains 5th spot as currency for global payments

The Chinese currency, the renminbi (RMB), retained its position as the fifth most active currency for global payments by value as of June 2022, with a share of 2.17 percent, according to the global financial messaging platform SWIFT.

The value of RMB payments increased by 6.61 percent in June compared to May, a faster rise in usage value compared to the 5.3 percent increase in the use of all other currencies in June, said SWIFT.

Regarding international payments, excluding those within the Eurozone, the RMB ranked sixth, with a share of 1.45 percent in June 2022.