Yuan Ranks Third in International Payments Under Broader Count

The yuan ranks third in international payments under a broader calculation presented by the People’s Bank of China (PBOC), which captures payment activity beyond the narrower SWIFT-based measure.

PBOC Governor 潘功胜 presented the comparison at the 2026 Financial Street Forum on Oct. 19. The broader count places the yuan’s share at about 6% to 7%. SWIFT-based statistics put it at about 3% to 4% and rank it fifth.

The broader calculation considers cross-border payments and offshore yuan payments overseas, including amounts settled through China’s Cross-Border Interbank Payment System (CIPS) and banks’ internal systems. The two rankings reflect the different activity covered by each measure.

The yuan is China’s leading currency for settling cross-border receipts and payments. It also ranks second among currencies used in global trade finance.

The PBOC plans to study multilevel custody arrangements as it opens China’s bond market further and to promote yuan bonds as eligible collateral globally. It also plans an offshore yuan market centered on Hong Kong, with London, Singapore and Dubai playing supporting roles, and stable, multilevel liquidity support for offshore markets.