全球第五最活跃货币，如何看SWIFT人民币排名新变化？

Core Viewpoint - The RMB Tracker report by SWIFT indicates that the renminbi (RMB) has become the fifth most active global payment currency as of September 2025, with a share of 3.17%, reflecting a 15.53% increase in payment amounts compared to August 2025 [1] Group 1: RMB Internationalization Progress - The RMB's global payment currency ranking fluctuates between fourth and sixth place this year, with a decline from a peak of 4.74% in July 2022 to 3.17% in September 2025 [1] - The internationalization of the RMB is a long-term process and cannot be achieved overnight, as indicated by market experts [1] Group 2: Limitations of SWIFT's Data - SWIFT's statistics are limited to payment messages among its member institutions, which does not include domestic RMB transactions within China, leading to an underestimation of the RMB's international usage [2][3] - The majority of cross-border RMB transactions are conducted through the Cross-Border Interbank Payment System (CIPS), which is also excluded from SWIFT's statistics [3] Group 3: Impact of Market Conditions - The decline in the RMB's share in SWIFT's rankings from April to August 2025 is attributed to reduced offshore RMB foreign exchange trading due to low volatility in the RMB exchange rate, which led to decreased trading activity [5] - The RMB's share in SWIFT's rankings showed a slight recovery in September compared to August, despite the overall downward trend since its peak [4] Group 4: Multi-Dimensional Measurement of Currency Internationalization - The internationalization of a currency encompasses various dimensions beyond payment functionality, including valuation, investment, and reserve functions [6] - As of mid-2025, foreign entities held RMB-denominated financial assets totaling 10.4 trillion yuan, reflecting a year-on-year growth of 5.2% [6] - The RMB's share in the foreign exchange market has increased to 8.5% as of April 2025, up from 7% in 2022, ranking fifth among global currencies [7]