The Yuan Ranks Fifth as the Most Used Currency in December

According to a report from the SWIFT international money transfer system, the Chinese Yuan also known as the Renminbi or (RMB) has maintained its position as the fifth most used global currency by value, with a 2.15% payment share in December 2022.

The report also stated that the Yuan ranks seventh in terms of international spending, with a share of 1.47% when payments within the eurozone are excluded.

Hong Kong Special Administrative Region and South China were found to be the largest markets for offshore Chinese Yuan transactions, accounting for 73.85% of all transactions. The United Kingdom, Singapore, and the United States followed close behind.

This data suggests that the Chinese Yuan continues to play a significant role in the global economy, and its use is likely to continue growing in the future.

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