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SWIFT: RMB Global Presence Sliding Further Down

Well-known Chinese news site Sina recently reported that SWIFT (Society for Worldwide Interbank Financial Telecommunication) mentioned in its October report that the global usage of the Chinese currency continues to decline. The report shows that the volume of RMB international transactions fell to 1.46 percent in October. The RMB is now ranked number seven among all currencies, down from number six in October 2016. This is the lowest point since April 2014. The top three most widely used currencies are the US Dollar (39.79 percent), the Euro (33.05 percent) and the British Pound (7.71 percent). The Chinese RMB is now between the Canadian Dollar (1.60 percent) and the Australian Dollar (1.43 percent). The US Dollar also reached its lowest point since November 2013.

Source: Sina, November 30, 2017