China's SWIFT share surges to an all-time high of 3.47% in August

MG News | September 28, 2023 at 10:31 PM GMT+05:00

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September 28, 2023 (MLN): China’s share in SWIFT international payments reached an all-time high of 3.47% in August.

This sharp increase represents a shift away from U.S. dollar and euro transactions.

The Euro’s share in SWIFT global payments has dropped to 23% from 38% at the start of the year.

"After Russia’s full-scale invasion of Ukraine in February 2022 and the imposition of economic sanctions by the EU, US, and a number of other advanced economies, Russian imports became increasingly invoiced in yuan," according to the paper led by economists Maxim Chupilkin and Beata Javorcik, as Reuters reported.

It is important to mention that in March, the yuan became the most widely used currency for cross-border transactions in China.

Despite comprising only 2.5% of global payments, the currency has overtaken the dollar for the first time.

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