RMB surpasses yen as 4th most popular currency for global payments

The Chinese currency Renminbi (RMB), or the yuan, moved up one position to come in as the fourth most active currency for global payments by value in November, with a share of 3.89 percent, according to a report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) released Wednesday.

Overall, the RMB payments value increased by 22.12 percent compared to October, according to the report.

The Chinese yuan had maintained its position as the world's fourth most active currency for ten straight months by August this year. While the Japanese yen briefly regained the fourth spot in global payments from September and October, the yuan's share in global payments rose again in November to reclaim the position.

The People's Bank of China (PBOC), the country’s central bank, had established bilateral currency swap agreements with 42 foreign central banks and monetary authorities. 29 of these agreements have been effective, with a combined value of approximately 4.1 trillion yuan ($561.72 billion), according to a PBOC report.

Xi Junyang, professor at the Shanghai University of Finance and Economics, pointed out that the data indicates that the yuan is gaining popularity as more countries are opting to use it for cross-border trade settlements, investment and financing, and entering into currency swap agreements with China, in a recent interview with Global Times.

(With input from Xinhua; cover via CFP）