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Renminbi’s share of global payments still trails Canadian dollar

The renminbi’s flagging international prominence appears to have found a floor, but there are few signs of things picking back up for the currency based on the latest data from Swift.

The renminbi accounted for 1.61 per cent of international transactions made via the Swift global bank payment messaging network in May, virtually flat compared to April’s reading of 1.6 per cent.

The partial measure of renminbi internationalisation placed the currency in sixth place among its international peers, behind the Canadian dollar at 1.92 per cent and marginally ahead of the Swiss franc at 1.6 per cent.

More generally May saw the US dollar retaining the top spot with a share of 40.6 per cent, albeit having dropped about 1.5 percentage points from the previous month. That slack was picked up by the euro, up more than 2 percentage points at 33.3 per cent.

The British pound’s share dipped 0.2 percentage points to 7.1 per cent, while Japan’s yen dropped by 0.4 percentage points to 3.1 per cent.