Yuan's share of global payments hits record high in March, SWIFT says

Yuan share in March: In a recent report released by the global bank messaging network SWIFT, China's yuan has made significant strides in international payments, reaching a record-high share of 4.7 per cent in March. This makes the yuan's position as the fourth most active currency globally.

This surge in yuan usage coincides with a continued decline in the share of the euro, suggesting a noteworthy shift in global currency dynamics. Despite these developments, the U.S. dollar maintains its stronghold as the most widely used global payment currency, followed by the euro and pound.

The rise of the yuan highlights China's growing influence in the global economy and international trade. It reflects the country's ongoing efforts to internationalise its currency and expand its presence in financial markets worldwide.

This development carries implications for businesses and investors, signalling the increasing importance of the yuan in global transactions and potentially impacting currency strategies and investment decisions. As China continues to assert its economic prowess on the global stage, market participants will likely closely monitor these currency trends and their implications for the broader financial landscape.

With Reuters Inputs