Renminbi’s share of global payments slips behind Swiss franc

Decline in the Chinese currency’s internationalisation continues as it loses its ranking of sixth place globally – Swift

Redback down: latest figures show the value of renminbi payments down by 24.24%

The Swiss franc overtook the renminbi in April as the sixth most used currency for international payments, with a share of 1.60%, amid a slowdown of the Chinese currency’s path to internationalisation, according to payments infrastructure company Swift.

The latest figures show the value of renminbi payments down by 24.24% compared with March, while payments in all currencies decreased by 15.76% globally. Last month’s decline follows a tough year for the redback, which fell by as much as 29.5%

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