The yuan becomes the fifth leader in global trade

The volume of global trade in the yuan has reached $817 billion per day, showing significant growth over the decade and approaching the volume of the British pound. According to a study by the Bank for International Settlements, the yuan's share in global foreign exchange transactions has grown to 8.5%, compared with 7.0% in 2022. 

The yuan now ranks fifth among the most traded currencies, narrowing the gap with the pound, whose share dropped from 12.9% to 10.2%.

China continues efforts to strengthen its currency's position by loosening capital controls in an attempt to reduce the dollar's dominance. However, the international use of the yuan remains ambiguous: its share in payments through the SWIFT system in August was 2.9%, which is lower than 4.7% for the same period in 2022.

Interest in the Swiss franc also increased: its daily trading volume reached $612 billion, which allowed it to overtake the Australian and Canadian dollars and occupy the sixth position. The share of the Hong Kong dollar increased significantly, rising from 2.6% to 3.8%.