(OP)inions Popular yuan

January 24, 2022 

The Chinese yuan continues to rise as one of the most-popular currencies for cross-border payments, notching the fourth spot for the first time since August 2015.  

Activity in the renminbi, as the currency is also called, rose to its second-highest level ever. 

While the Chinese currency made inroads in the rankings, the yuan accounted for about 2.7% of the market versus the dollar at 41%. 

The yuan has seen its popularity as an international currency rise in the last decade. 

Global funds boosted holdings of Chinese government bonds to a record last month, data show. 

The renminbi was ranked 35th in October 2010 when Swift, which handles cross-border payment messages for more than 11,000 financial institutions in 200 countries, started tracking. 

OnePro Special Analyst

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