RMB payments fall by a fifth in February

Chinese currency drops from sixth to seventh place, says Swift

hong-kong-central

The share of cross-border settlements in the renminbi shrunk by a fifth between January and February, knocking the redback down a spot in the rankings of currencies used for payments, new data from Swift reveals.

In February, the RMB fell to seventh position as a payments currency, with a 1.81% global share. This represents a decrease of 20.4% since the previous month, probably due to the seasonal effect of the Chinese New Year.

Payments across all currencies fell in value by 9.3% during the

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