Core Viewpoint - The SWIFT report indicates that the renminbi (RMB) has become the fifth most active currency globally, with a share of 3.17% in payment transactions as of September 2025, reflecting a 15.53% increase in payment amounts compared to August 2025 [1]. Group 1: SWIFT Ranking and RMB Internationalization - The RMB's ranking fluctuates between fourth and sixth place in global payment currency rankings throughout the year, with its share decreasing from a peak of 4.74% in July 2022 to 3.17% in September 2025 [1][3]. - The SWIFT ranking is primarily based on payment functionalities and does not fully capture the RMB's internationalization progress, which is a long-term process [1][7]. - The SWIFT statistics are limited to transactions among its member institutions, excluding domestic RMB transactions and a significant portion of cross-border payments conducted through the Cross-Border Interbank Payment System (CIPS) [3][4]. Group 2: Factors Influencing RMB's SWIFT Ranking - The decline in the RMB's share from April to August 2025 is attributed to reduced offshore RMB foreign exchange trading due to low volatility in the RMB exchange rate, leading to decreased trading activity [5][6]. - The RMB's internationalization is also reflected in its growing presence in investment and financing, with overseas holdings of RMB-denominated assets reaching 10.4 trillion yuan, a year-on-year increase of 5.2% [8]. Group 3: Alternative Measures of RMB Internationalization - The Bank for International Settlements (BIS) reported that as of April 2025, the RMB accounted for 8.5% of foreign exchange market transactions, up from 7% in 2022, ranking fifth among global currencies [9]. - The RMB's share in international trade financing and payment has positioned it among the top three currencies globally, as stated by the Governor of the People's Bank of China [4].