On October 23, SWIFT's latest RMB tracking data showed that in September 2025, the RMB ranked fifth in the global payment currency ranking based on amount, with a share of 3.17%. Compared to August 2025, the total RMB payment amount increased by 15.53%, while the total payment amount for all currencies increased by 6.74%.

In recent times, the fluctuating RMB global payment share data released by SWIFT has drawn public attention to the status of the RMB in international payments.

Due to the numerous dimensions of current statistics on the international use of the RMB and market indicators, the differences in rankings have caused confusion among the public about the actual international payment status of the RMB.

How should we correctly interpret the data released by SWIFT? Which data and indicators are more accurate in measuring the international use of the RMB? The answer may relate to the fundamental differences in statistical methods.

SWIFT Global Payment is not Equivalent to International Use

As the world's most widely used financial messaging service provider, SWIFT connects over 11,000 financial institutions in more than 200 countries and regions. It transmits payment, financing, and other instructions through standardized messages, similar to a regulated version of "financial telegrams," and ranks currencies based on message data, publishing currency payment share data that has long been regarded as an important reference for measuring the degree of currency internationalization.

However, SWIFT statistics are limited to its own messaging system and cannot cover all international currency usage scenarios. For example, an authoritative industry insider told First财经, “SWIFT's statistics on RMB payments mainly include offshore payment messages and some cross-border payment messages, which underestimate the actual cross-border payment share of the RMB.”

This underestimation mainly stems from three key scenarios being missed. First, as a comprehensive payment system independently built by China, CIPS supports both "funds flow" and "information flow" and also enables cross-border settlement of funds and transmission of message information.

With the continuous improvement of CIPS functions, some cross-border RMB fund receipts and payments can be realized through CIPS.

In 2024, CIPS processed 8.22 million cross-border RMB transactions, amounting to 17.5 trillion yuan, with year-on-year increases of 24% and 43%, respectively, with compound annual growth rates of 35% and 30% over the past three years. On average, it handled 30,000 transactions per day, with an amount of 65.24 billion yuan.

Secondly, there is asymmetry in the statistical scope of different currencies. Domestic payments of currencies such as the euro and the British pound often use SWIFT messages, which cover domestic, cross-border, and offshore scenarios; however, domestic RMB payments can be completed through China's independent clearing system and are not included in SWIFT statistics.

Additionally, cross-border payments by the same commercial bank in China may not go through SWIFT but through internal systems, further increasing data discrepancies.

"If the statistical methods for all currencies are leveled, the ranking of 'the third largest payment currency in the world' would better reflect the real status of the RMB in international payments," said the aforementioned industry insider.

In the multi-dimensional statistical system of the RMB's international use, the full-scale data from the People's Bank of China provides a core reference for interpreting the process of RMB internationalization. In June 2025, Governor Pan Gongsheng of the People's Bank of China clearly stated at the Lujiazui Forum that, according to the full-scale statistical standard, the RMB has become the third largest payment currency in the world.

"Full-scale" data confirms the deepening of RMB internationalization

Comprehensive statistics from the People's Bank of China and various market indicators show that the breadth and depth of the RMB's international use are continuously expanding, making it an important part of the global monetary system.

Generally speaking, comparing the level of international use of different currencies usually involves dimensions such as pricing, payment, financing, investment, and reserves. Since most transaction activities depend on payments, the payment function reflects the most extensive transaction activities of a currency's international use.

Looking at cross-border receipt and payment amounts, the RMB cross-border customer receipt and payment amount was 34.9 trillion yuan in the first half of 2025, an increase of 14.0% year-on-year.

The data from the Bank for International Settlements (BIS) also indirectly confirms the increase in the RMB's international use. The BIS publishes a global foreign exchange market survey every three years. According to the report published in September, the RMB accounted for 8.5% of the transaction volume in the foreign exchange market in April 2025, significantly up from 7% in the previous 2022 survey, ranking fifth, behind only the US dollar, euro, Japanese yen, and British pound. Compared to 2022, the gap between the RMB and the British pound has narrowed considerably, with the British pound's share dropping from 12.9% to 10.2%, and the difference between the RMB and the British pound's share decreasing from 5.9% to 1.7%, indicating a significant increase in the acceptance and frequency of the RMB in international transactions.

Growth in financial transactions and investment fields further solidifies the RMB's international status. The demand for RMB asset allocation by overseas investors continues to rise. As of the end of June 2025, the balance of RMB assets held by overseas entities in the domestic market, including stocks and bonds, reached 10.4 trillion yuan, an increase of 5.2% year-on-year. Looking at bond issuance, the scale of "Panda Bonds" issued by overseas issuers in China reached 194.8 billion yuan in 2024, setting a new record high. The amount of offshore RMB bonds issued in 2024 reached 1.2 trillion yuan, an increase of 27% year-on-year. From January to July 2025, the amount of offshore RMB bonds issued reached 552.7 billion yuan, and the scale of "Panda Bonds" issued by overseas issuers in China reached 116.7 billion yuan.

The reserve function is also an important indicator for measuring the RMB's international status. As of the end of the first quarter of 2025, the size of the RMB reserves held by the reporting countries in the IMF's Coordinated Foreign Exchange Reserves (COFER) survey was 246.3 billion USD, accounting for 2.12%, an increase of 1.04 percentage points compared to when the RMB was added to the SDR in 2016. If considering the scale of China's foreign exchange reserves, the actual proportion of the RMB as a reserve in other countries' foreign exchange reserves is 3%.

As the appeal of the RMB continues to grow globally, more indicators and data can be used to observe the extent of the RMB's international use.

For example, the RMB Internationalization Index (RII), which evaluates the degree of RMB international use through dimensions such as trade pricing and settlement, financial transactions, and official reserves, reflects the share of the RMB in global trade pricing, international finance, and official foreign exchange reserves.

Data shows that as of the end of 2024, the RII values of the US dollar, euro, British pound, and Japanese yen were 51.13, 24.07, 3.69, and 4.47, respectively, while the RII value of the RMB was 5.68, ranking third. Another example is the RMB Global Index (RGI) launched by Standard Chartered, which systematically assesses the level of internationalization of offshore RMB business through weighted calculations of indicators such as offshore RMB deposits, Renminbi bonds, and deposit certificates, trade settlements, and foreign exchange transactions.

According to the index released in mid-August, the index started from around 100 points, broke through 2000 points in 2015, rose above 3000 points in 2020, and reached 4666 points in July 2025, showing a continuous upward trend, intuitively reflecting the expansion of offshore RMB business scale and the steady improvement of its internationalization level. Although the index has experienced a short-term decline in the past two months, this fluctuation has not changed its overall long-term growth trend.

(This article is from First财经)

Original: https://www.toutiao.com/article/7564692910994752052/

Statement: This article represents the views of the author and others. Please express your opinion below using the [up/down] buttons.