
Monthly international payments currency share in SWIFT 2019-2023
the largest forex reserves in the world, the yuan ranked as the eighth-used currency in international payments. The figures concern customer-initiated and institutional payments and exclude trade. Discussions on the potential weakening role of the U.S. dollar especially touch world trade and forex. For example, the share of the USD in forex reserves declined visibly against the euro and Japanese yen in 2023. What sparked this de-dollarization trend, and will it continue?
The euro and U.S. dollar made up more than seven of 10 SWIFT payments worldwide in 2023, outperforming many other currencies. This is according to a monthly report meant to track the market share of China's yuan renminbi within the international bank transfer system SWIFT. Although China holds