Swift人民币排名波动？ 三问三答拆解关键逻辑

Core Viewpoint - Since April 2023, the ranking of the Renminbi (RMB) in the SWIFT global payment currency has fluctuated, being overtaken by the Japanese Yen and Canadian Dollar, but surpassing the Canadian Dollar again in September 2023. As of September 2025, the RMB ranks fifth in global payment currencies, with a share of 3.17%, reflecting a 15.53% increase in payment amounts compared to August 2025 [1]. Group 1: SWIFT as a Benchmark - SWIFT connects over 11,000 financial institutions across more than 200 countries, creating a vast global cross-border payment messaging network that standardizes financial messages for transmission [1]. - SWIFT data is released monthly, providing a more dynamic view of currency usage compared to the quarterly and triannual reports from the Bank for International Settlements (BIS) and the International Monetary Fund (IMF) [1]. Group 2: Limitations of SWIFT Rankings - The data from SWIFT may contain biases and inaccuracies, potentially underestimating the actual usage of the RMB [2]. - SWIFT's statistics may overlook domestic RMB usage, as payments in China primarily utilize large-value real-time payment systems, unlike other currencies that are included in SWIFT's domestic payment statistics [3]. - The RMB's international usage is also underreported, as SWIFT only captures offshore payment messages and some cross-border transactions, excluding those processed through China's Cross-Border Interbank Payment System (CIPS) [3][4]. Group 3: Alternative Indicators of RMB's International Influence - The Bank for International Settlements (BIS) reported that as of April 2025, the RMB accounted for 8.5% of global foreign exchange market transactions, up from 7% in 2022, ranking fifth after the US Dollar, Euro, Japanese Yen, and British Pound [5]. - According to the IMF's COFER report, as of Q1 2025, the RMB reserve holdings by reporting countries reached $246.3 billion, representing 2.12% of total reserves, an increase of 1.04 percentage points since the RMB's inclusion in the Special Drawing Rights (SDR) in 2016 [5][6]. - As of June 2025, the total value of RMB-denominated financial assets held by foreign entities in China was approximately 10.4 trillion yuan, reflecting a year-on-year growth of 5.2% [6]. - In terms of financing, the RMB accounted for 7.28% of global cross-border trade finance in September 2025, ranking second after the US Dollar [6].