The Chinese currency renminbi (RMB), or the yuan, has retained its position as the fifth most active currency for global payments by value in May with a larger share, said the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of financial messaging services. This was reported by The Xinhua News Agency.
The RMB's share in global payment accounted for 2.15% last month, up from the 2.14-percent share in April, showed a monthly report published by the SWIFT.
The value of RMB payments increased by 4.04% compared to April 2022, while in general, all payments currencies increased by 3.88%, the report said.
In terms of international payments excluding payments within the Eurozone, the RMB ranked sixth with a share of 1.43% last month.
The Hong Kong Special Administrative Region is the largest market for offshore RMB transactions, taking up 73.63%, followed by the United Kingdom, Singapore and the United States, according to the report.
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