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Chinese Currency Slid to Number Seven in Global Settlements

Well-known Chinese news site Sina recently reported that, based on the latest SWIFT (Society for Worldwide Interbank Financial Telecommunication) numbers, China’s currency was used in 1.6 percent of all of the world’s payment settlements. This is the lowest point since October 2014 and China’s rank slid to number seven (from number five). The Chinese currency peaked at 2.79 percent in 2015, with a rank of number four. SWIFT data showed that the Chinese currency internationalization went well until the first half of 2015. However, the trend slowed significantly after that; some indicators actually reversed. Experts expressed their belief that the obvious slowdown was the result of the slowdown pressure of the Chinese economy, the currency exchange rate fluctuations, as well as the atrophy of cross-border arbitrage activities.

Source: Sina, May 25, 2017