Share of dollar in global payments rising SWIFT

RT.com
29 Sep 2023, 16:13 GMT+10

The US currency was used in nearly half of cross-border transactions last month, data shows

The share of the US dollar in international payments via the SWIFT financial messaging system reached 48% in August, the highest level since such data began being collected, RIA Novosti has reported after analyzing SWIFT data.

The greenback's share in global transactions rose by 1.57% compared to July, strengthening the position of the American currency in international settlements, the outlet reported on Thursday.

Meanwhile, the share of the euro slumped to an historic low of 23.2% last month, down from 36.44% in August 2022, data showed. Experts attributed the euro's slide to its declining popularity beyond the bloc of 20 countries that use the currency.

Meanwhile, the Chinese yuan showed record gains last month, as its share in international payments rose to 3.47%, up from 3.06% in July.

The growing share of the yuan in cross-border transactions reflects China's trend of shifting away from the dollar, as well as Beijing's efforts to promote the use of its national currency, the outlet reports.

However, earlier this month, former International Monetary Fund and Morgan Stanley economist Stephen Jen said the dollar's share in foreign reserves has actually lost about 11% since 2016. The economist argues that most analysts evaluate the nominal value of central banks' dollar holdings on the basis of data released by the IMF and don't take into account the currency's depreciation.

For more stories on economy & finance visit RT's business section

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Perth Herald.

More Information

26 ℃

Fair in Perth

International Business

Section

Microsoft president denies super-intelligent AI possible in 12 months

REDMOND, Washington: Microsoft President Brad Smith said there is no chance of super-intelligent artificial intelligence (AI) being developed within the ...

Moscow seeks more trade with Narendra Modi's home state

The Russian envoy has held talks with the chief of Gujarat, which contains India's largest refineries and an upcoming financial ...

Moody's Changes Outlook for China's Debt to 'Negative'

As worries mount about unsustainable levels of debt in the Chinese economy, a major ratings firm on Tuesday announced that ...

Poverty Pushes Freed Thai Hostages to Consider Return to Israel

Isan region, Thailand - Twenty-three Thai citizens have returned home from a weeks-long ordeal in Gaza; Hamas had taken the ...

Pakistan: NEPRA approves PKR 3 per unit hike in electricity prices

Islamabad [Pakistan], December 6 (ANI): Pakistan's National Electric Power Regulatory Authority (NEPRA) on Tuesday approved a Pakistani rupee (PKR) 3.07 ...

UAE national banks' sustainable finance pledge reaffirms leadership's goals: UBF

Abu Dhabi [UAE], December 6 (ANI/WAM): UAE Banks Federation (UBF) reaffirmed its commitment to support UAE's goals by pledging to ...

Australia

Section