(Yicai Global) April 25 – China's currency the yuan's share in global payments fell from 1.84 percent in February to 1.78 percent in March, remaining the sixth most-frequently used currency in global trading, said a report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
SWIFT believes that the fall in the yuan's share in global payments may be related to the economic slowdown in the Chinese mainland, the fluctuations in the yuan exchange rate and the capital control measures. However, the newly launched cross-border inter-bank payment system (CIPS), coupled with increased number of offshore yuan centers, help maintain the position of the yuan as a payment currency.
SWIFT noted that in March the US dollar took the largest share of usage in the world at 41.8 percent, followed by Euro at 31.2 percent, while the sterling pound's and Japanese yen's usage accounted for 7.13 percent and 3.31 percent, respectively. The usage of the Canadian dollar rose to 2 percent, the highest level in four years.