RMB gains larger share in global payment

The Chinese currency renminbi (RMB), or the yuan, has overtaken the Japanese yen and retained its position as the fourth most active currency for global payments by value in January 2022, said the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

The RMB's share of international payments increased to 3.2 percent in January 2022, a record high.

According to data from the International Monetary Fund (IMF), the Chinese currency accounted for 2.88 percent of global foreign exchange reserves in the first quarter of this year, up 1.8 percentage points from 2016 when it entered the IMF's Special Drawing Rights basket, ranking fifth worldwide.