The Chinese yuan surpassed the Japanese yen for the third consecutive month to become the world's fourth most active currency in January, accounting for 4.51 percent of global payments, according to data from global payment services provider Society for Worldwide Interbank Financial Telecommunication (SWIFT) on Thursday.
In January 2024, the yuan retained the fourth most active currency for global payments by value, with a 4.51 percent share, according to SWIFT. In December 2023, its share in global payments was 4.14 percent.
It mirrors the steady progress in the yuan's internationalization, the growing appeal of the yuan as a currency for global payments and settlements, combined with a bullish view on the long-term development momentum of China's economy, analysts said.
Overall, yuan payments value increased by 16.32 percent compared to December, while in general all payments currencies increased by 6.88 percent.
In the month, the US dollar remained the world's most-trade currency with a 46.64-percent-share of global payments. The euro, at 23.02 percent, and the pound, at 7.1 percent, were the second and the third most-traded currencies.
