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.

Comments

[tralflot1832]

I really like the exchange rate of the Yuan to the Ruble, which is set by the Central Bank of the People's Republic of China - it is mutually beneficial. It is not for nothing that the fishermen of Murmansk are Yesovsky shmurdyas, if you want to eat cod and not only that from Russia, buy it more expensive from the People's Republic of China. The Chinese are not rude to us, but they simply mock the EU and the USA too. Their price for fish in the EU and US markets from local fishermen is a little lower. And patriotism immediately disappears in the USA and EU.

[Lev_Russia]

Why do we need dollars and euros...???
Since they imposed sanctions on us,
We will now sell to Europe
Gas and grain for Russian rubles...
Let them buy yuan in China
For your currency, and then
Let them buy rubles for yuan,
So that there are no problems with the purchase...
We sell rubles on our exchange
For everyone who wants to buy something -
The ruble exchange rate is getting higher
The world is beginning to value our ruble!!!
(PS You can also use yuan or rupee...)

[Ross xnumx]

There was a breath of optimism...
The world is learning to value our ruble!!!

[Polite Moose]

Quote: ROSS 42

There was a breath of optimism...
The world is learning to value our ruble!!!

And with NabiulliSiluanonism
We would never default again

[igorbrsv]

. The article states that today SWIFT is no longer the main system for processing payments

The BRICS countries are now expanding the geography of their payment systems. For example, the world payment system is already operating in countries such as Belarus, Kyrgyzstan, Vietnam, and Venezuela. There are 2022 million world card holders in 113, and 2023 million cards in use by 228. The BRICS countries are also developing a digital currency for international payments. One of them is the digital ruble. It is currently in the experimental stage. A certain number of legal entities are participating in the experiment. and physical persons

[KCA]

So Mir is a payment system for individuals, and the Russian Federation and China have long been friends with bank transfers CIPS and SPFS, and with the Iranian Shetab too, SWIFT did not stop us

[TermNachTer]

There are also other payment systems. As they say, the world does not live by SWIFT alone)))

[KCA]

The world is a settlement system, SWIFT is a system of interbank transfers, different things, but no one canceled teletype transfers, a few years ago, when they were just threatening to turn off SWIFT, the chairman of some bank, I don’t remember the name, said - we have teletypes under a film, in which no bank, they will establish, $50 maximum, for the bank it’s scratching its heel

[igorbrsv]

So, the article talks about Swift as a payment processing system. For us, this is the world payment processing system. And interbank transfers are also available. Interaction with other payment systems is simply being established. Last year, the system worked in 11 countries, another 15 want to work with it, and by the end of the year they will work in another 5-6 countries.
However, I understand little about this.
The only thing I understood is that in Venezuela I can withdraw money from an ATM, top up my account, make a payment, or transfer money to another bank, at least, for example in Belarus, although my account will be Russian. And Swift will have nothing to do with it. And his absence won't affect me

[KCA]

Our payment processing system is SPFS, and the Mir payment system between credit and debit cards with shops, legal entities and individuals, understand the difference between bank transfers and paying for the toilet at the airport, you can transfer 100 billion rubles or in another currency somewhere? Ass?

[rocket757]

The Chinese yuan has become the second major currency in global trade via SWIFT

. The basket of currencies, such a thing, is complex and TERRIBLE, as it turned out... especially when one person dominates and behaves like a highway bandit.

[vovochkarzhevsky]

During the USSR they laughed at China, under the Russian Federation they envy.

[StopTheUSA]

I’m very happy for the Chinese.
All that remains is to be happy for us.

[bone1]

And this is so important - what currency is in what place?

[elbrus]

while the dollar is more than 50% there is nothing to discuss. and now it is 84%, what is the market about?

[A17ttt]

I would like to ask - what is the news about?
Well, okay - this news and the Yuan share in the SWIFT systems, but what about other systems and direct payments/exchanges through them?
Where is the big picture?!
What about cash?
As an example, rubles:
The export of cash rubles by banks from Kazakhstan at the end of 2022 increased more than sixfold and amounted to 34,5 billion rubles.
As a result, in July–August 2022, banks took out about 34,3 billion rubles.
And all due to the fact that the restriction on export from Kazakhstan was lifted, for the reason -
In the period from July 2021 to March 2022, the volume of cash balance of rubles in banks averaged 7,1 billion.
At the beginning of July 2022, the volume of cash ruble balances in bank cash desks increased to 37,9 billion.

[Monster_Fat]

All that remains is to ask where did RIA Novosti get this information? Where is the link to the one or those who voiced this information?