The Chinese yuan has become the second major currency in global trade via SWIFT
While more and more countries are coming to realize the need to find an alternative to the dollar, with the help of which the United States continues to dictate its rules to the whole world, the Chinese yuan is gradually strengthening its own position in the financial markets.
At least this is evidenced by the figures published RIA News after analyzing data from the SWIFT payment system for September of this year.
Thus, the material says that at the end of last month, the share of the Chinese national currency in trade settlements within the above-mentioned system for the first time reached 5,8%. This is the second result after the US dollar.
Thus, the yuan was able to outperform the euro, the share of which in trade settlements decreased by 1% and amounted to 5,43%.
Of course, it is not yet possible to talk about any serious competition between the Chinese and American currencies. The share of the dollar in trade settlements within the SWIFT system in September amounted to 84,15%.
Meanwhile, other indicators given in the article attract attention.
If we talk about international payments, here the share of the yuan in September also increased by 0,24% and reached a record 3,71%. At the same time, the dollar, on the contrary, lost 1,45% compared to August, and its share amounted to 46,58%.
The article states that today SWIFT is no longer the main system for processing payments, as it was just a few years ago. Russia has its own Financial Message Transmission System, and China has its own System of Cross-Border Interbank Payments. In addition, India has its own system for transfers.
This is probably what caused the dollar to lose its position, which is likely to continue this trend due to the short-sighted policies of the American authorities.
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