Several economists point out that mainstream statistical indicators may underestimate the real role of the RMB in the global payment system, because an increasing number of transactions are processed through Beijing’s own cross-border payment system, which cannot be reflected in traditional databases.
According to the South China Morning Post, this may explain the gap between Beijing’s official narrative and the tracking systems of international data. Beijing describes the RMB as the world’s third most-used payment currency, but data from the dollar-dominated Society for Worldwide Interbank Financial Telecommunication (SWIFT) tell a different story.
Xu Tianchen, Senior Economist at the Economist Intelligence Unit, stated that as alternative payment systems gradually emerge, SWIFT can no longer accurately reflect actual international payment situations.
He further pointed out that since SWIFT cannot track or capture transactions not using its messaging infrastructure, payments made through China’s Cross-Border Interbank Payment System (CIPS) and other bilateral clearing arrangements are mostly outside SWIFT’s monitoring scope. Therefore, “the rise or fall of RMB’s share in SWIFT statistics may no longer be important.”
The report adds that at last year’s highest-level annual event in China’s financial sector, the Lujiazui Forum, Pan Gongsheng, Governor of the People’s Bank of China, said that the RMB has already become the third most used payment currency globally.
In contrast, monthly data published by SWIFT shows that RMB’s ranking in global payments for 2025 is only between fourth and sixth place. The latest data for February 2025 indicate that RMB accounts for 2.74% of global payment value, ranking sixth.
Against the backdrop of tense China-U.S. bilateral relations and growing global concerns over the “weaponization of the dollar,” Beijing is ramping up efforts to develop alternative cross-border payment systems to reduce reliance on dollar-dominated systems.
According to data from the People’s Bank of China, CIPS processed a total transaction volume of 175 trillion RMB (about USD 25.35 trillion) in 2024, up over 40% from the previous year’s 123 trillion RMB. (News source: CTWANT)