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SWIFT: US dollar above 40% level for the fifth consecutive month among global payment currencies

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) released its July ranking of global payment currencies. In this ranking list, the US dollar accounted for 41.19%, a slight increase of 0.03 percentage points from the previous month, which was higher than 40% for the fifth consecutive month, and continued to be the payment currency with the highest proportion in the world. The second-largest share of the euro fell slightly by 0.06 percentage points to 35.49%, but remained above the 10-year average of about 33.9%, 5.7 percentage points behind the dollar. The third-placed pound also rose to 6.45%, up 0.49 percentage points from the previous month. The Japanese yen's share fell from 3.01% in the previous month to 2.82% and took the fourth place. As for the proportion of RMB, the proportion continued to rise slightly by 0.03 percentage points to 2.2%, ranking fifth. However, it is still higher than the sixth-ranked Canadian dollar, and its proportion dropped to 1.68% from 1.86% in the previous month. SWIFT data continues to reflect that even in the face of rising volatility in the foreign exchange market, it has not significantly increased the use of US dollars in international settlements.
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