The Chinese renminbi became the second-largest trade finance currency in June, exceeding the euro, while retaining its position as the fourth most active payment currency, according to data compiled by global financial messaging platform Swift.
The renminbi’s share as a global currency in the trade finance market came in at 5.99 percent by value in June, up from 5.08 percent in May and beat the euro’s 5.92 percent. The last time the renminbi’s share surpassed the euro was in November last year, Swift data showed.
Meanwhile, renminbi’s share as a global payment currency by value rose to 4.61 percent in June, significantly up from 2.77 percent a year earlier and compared with 4.47 percent in May.
The Chinese currency has been the fourth most active currency for global payments for the eighth consecutive months as of June, following the US dollar, the euro and the British pound but exceeding the Japanese yen, Swift said.