A report presented by the global payment services provider Society for Worldwide Interbank Financial Telecommunication (SWIFT) showed that in March, the yuan's share in global payments continued to rise, reaching 4.69% compared with 4% in February. The March value was the highest since SWIFT established a new reference system in July 2023. SWIFT said that the yuan remained the world's fourth most active currency. The US dollar was in the first place - its share in global payments has remained relatively stable in recent months, about 47%. Meanwhile, the euro's share in international trade fell below 22% in March, compared with 24.4% when Swift introduced the new reference system.
Analysts said that the growing role of the Chinese currency reflects steady progress in the internationalization of the yuan, the growing attractiveness of the yuan as a currency for global payments and settlements, as well as an optimistic view of the long-term dynamics of China's economy. When SWIFT began tracking the use of the yuan in 2010, the currency accounted for less than 0.1% of global settlements. In November 2023, the yuan became the fourth most active currency in the world, surpassing the yen for the first time since 2022.