Yuan increases global payments share

The yuan's share in global payments has increased for five consecutive months to 2.77 percent in June, the highest level since January 2022 when the reading came in at 3.2 percent, financial messaging services provider Swift said on Thursday.

The yuan's proportion was up from 2.54 percent in May, Swift said, adding the Chinese currency has retained its position as the fifth most active currency for global payments by value.

Overall, the value of yuan payments increased by 12 percent in June compared to May, while in general payments in all currencies increased by 2.5 percent, Swift said.