RMB Rises to Fifth-Largest Global Payment Currency in March, Accounting for 3.1%

According to the latest monthly RMB tracker released by SWIFT on 23 April, the Chinese yuan (RMB) ranked as the fifth most active currency in global payments by value in March, with a market share of 3.10%.

When measured by international payments excluding the eurozone, the RMB placed sixth, accounting for 2.44% of the total.

In a separate development, China’s Cross-Border Interbank Payment System (CIPS) recorded its **highest-ever single-day transaction volume** in early April.

Bloomberg reported that the RMB’s growing presence in global finance reflects China’s expanding economy and a series of policy measures introduced by the Chinese government to promote the internationalisation of the yuan.

Former People’s Bank of China Governor stated in April that the current period represents a “golden window” for advancing RMB internationalisation, citing the erosion of dollar credibility due to recent U.S. policy decisions.