The Chinese yuan is on the rise! 📈 In November, the Renminbi (RMB) climbed up to become the fourth most active currency for global payments by value, overtaking the Japanese yen. According to a report released on Wednesday by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the RMB grabbed a share of 3.89% in global payments.
This marks a significant leap, with RMB payments increasing by an impressive 22.12% compared to October. 🚀 For context, the yuan had held the fourth spot for ten straight months until August this year. Though the yen briefly reclaimed its position in September and October, the yuan is back on track, making waves in the global financial scene.
So, what's fueling this momentum? 💡 The People's Bank of China (PBOC), the country's central bank, has been proactive. They've established bilateral currency swap agreements with 42 foreign central banks and monetary authorities. Out of these, 29 agreements are already effective, amounting to a staggering 4.1 trillion yuan (about $561.72 billion). 💸
This move not only strengthens the yuan's presence in international trade but also showcases China's growing influence in the global economy. 🌏 With the RMB making its mark, it's an exciting time for global markets and could mean more opportunities for savvy investors and entrepreneurs everywhere! 🌐🔥
Reference(s):
RMB surpasses yen as 4th most popular currency for global payments
cgtn.com
