Accessible Version

Internationalization of the Chinese renminbi: progress and outlook, Accessible Data

Figure 1. Index of international currency usage

Index

Currency Year U.S. dollar Euro British pound Japanese yen Chinese renminbi
CNY 2001 71.4 23.1 6.9 10.5 0.004
CNY 2002 68.5 25.7 7.0 9.6 0.004
CNY 2003 67.5 27.9 7.1 9.1 0.004
CNY 2004 65.9 28.4 8.4 8.4 0.01
CNY 2005 66.1 27.6 8.4 8.3 0.01
CNY 2006 64.7 28.6 9.3 7.5 0.01
CNY 2007 62.3 29.7 9.3 7.2 0.01
CNY 2008 60.7 31.4 9.2 7.5 0.02
CNY 2009 62.9 31.2 8.0 6.4 0.02
CNY 2010 65.2 28.4 6.4 7.6 0.3
CNY 2011 65.9 26.6 6.4 7.8 0.4
CNY 2012 65.4 26.4 6.9 7.8 0.4
CNY 2013 66.4 25.3 6.4 8.5 0.6
CNY 2014 67.3 25.5 6.1 8.3 0.6
CNY 2015 67.8 24.5 6.5 8.3 0.7
CNY 2016 70.0 23.1 6.1 8.0 1.5
CNY 2017 68.9 23.3 6.5 8.2 1.4
CNY 2018 67.7 23.9 6.5 8.5 1.8
CNY 2019 67.3 24.6 6.5 7.3 1.6
CNY 2020 68.0 24.2 6.5 7.2 1.8
CNY 2021 67.6 23.9 6.7 6.9 1.9
CNY 2022 65.9 24.4 6.9 7.3 2.7
CNY 2023 65.5 24.1 6.9 7.4 2.5

Note: Index is a weighted average of each currency's share of globally disclosed FX reserves (25 percent weight), FX transaction volume (25 percent), foreign currency debt issuance (25 percent), foreign currency and international banking claims (12.5 percent), and foreign currency and international banking liabilities (12.5 percent).

Source: IMF COFER; BIS Triennial Central Bank Survey of FX and OTC Derivatives Market; Refinitiv; BIS locational banking statistics; Board staff calculations.

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Figure 2. International role of currency vs. size of economy (2022)

Percent

  China Euro area United States
Index of international currency usage 2.7 24.4 65.9
Share of global GDP 16.9 14.8 25.8
Share of global trade 12.8 16.7 13.1

Note: Index of international currency usage is defined in Figure 1. Share of global GDP is measured in nominal terms. Share of global trade is the share of global trade in goods and services in nominal terms and excludes intra euro-area trade. Key identifies in order from left to right.

Source: IMF World Economic Outlook database, Haver, Eurostat, Comtrade, IMF COFER; BIS Triennial Central Bank Survey of FX and OTC Derivatives Market; Refinitiv; BIS locational banking statistics; Board staff calculations.

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Figure 3. Number and value of cross-border transactions processed by CIPS

Thousands of Transactions
Billion USD

Quarter Average Daily Transactions Average Daily Amount
10/1/2015 1.4 1.213267313
1/1/2016 1.6 1.036672096
4/1/2016 1.8 1.160636017
7/1/2016 2.9 3.92385208
10/1/2016 3.9 4.195089903
1/1/2017 4.3 5.913976074
4/1/2017 4.8 6.860785673
7/1/2017 5.5 9.058226285
10/1/2017 5.7 13.01167089
1/1/2018 5.4 14.05581056
4/1/2018 5.5 16.55701106
7/1/2018 5.8 15.61477214
10/1/2018 6.2 17.05966432
1/1/2019 6.5 18.8180418
4/1/2019 7.3 19.42430708
7/1/2019 7.8 20.37174382
10/1/2019 8.6 19.82661169
1/1/2020 7.5 23.26764432
4/1/2020 7.9 22.87115785
7/1/2020 8.7 26.18803604
10/1/2020 11.2 33.44791906
1/1/2021 12.6 44.96210064
4/1/2021 13.0 47.79270707
7/1/2021 13.0 50.76381728
10/1/2021 14.9 53.73569169
1/1/2022 14.1 58.67865412
4/1/2022 16.3 55.76464092
7/1/2022 19.0 57.11600387
10/1/2022 21.2 59.14067771
1/1/2023 22.5 60.29803229
4/1/2023 26.1 67.78839288

Source: People’s Bank of China.

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Figure 4. Chinese renminbi exchange rate and fixing (lines)

Daily, CNY per USD

Date Renminbi fixing Renminbi spot
1/1/2015 0.03 0.19
2/1/2015 0.04 0.25
3/1/2015 0.07 0.23
4/1/2015 0.03 0.16
5/1/2015 0.01 0.17
6/1/2015 0.01 0.17
7/1/2015 0.01 0.18
8/1/2015 0.35 0.41
9/1/2015 0.46 0.46
10/1/2015 0.43 0.43
11/1/2015 0.46 0.47
12/1/2015 0.61 0.62
1/1/2016 0.79 0.83
2/1/2016 0.76 0.79
3/1/2016 0.71 0.71
4/1/2016 0.66 0.66
5/1/2016 0.75 0.76
6/1/2016 0.85 0.86
7/1/2016 1.02 1.02
8/1/2016 0.97 0.97
9/1/2016 1.01 1.01
10/1/2016 1.11 1.12
11/1/2016 1.31 1.32
12/1/2016 1.45 1.46
1/1/2017 1.40 1.41
2/1/2017 1.37 1.37
3/1/2017 1.41 1.41
4/1/2017 1.39 1.40
5/1/2017 1.39 1.39
6/1/2017 1.24 1.26
7/1/2017 1.18 1.19
8/1/2017 1.01 1.00
9/1/2017 0.81 0.83
10/1/2017 0.92 0.93
11/1/2017 0.91 0.92
12/1/2017 0.87 0.87
1/1/2018 0.59 0.58
2/1/2018 0.38 0.38
3/1/2018 0.38 0.38
4/1/2018 0.34 0.34
5/1/2018 0.47 0.47
6/1/2018 0.62 0.64
7/1/2018 1.07 1.09
8/1/2018 1.32 1.33
9/1/2018 1.32 1.34
10/1/2018 1.45 1.46
11/1/2018 1.48 1.49
12/1/2018 1.39 1.39
1/1/2019 1.23 1.23
2/1/2019 1.11 1.13
3/1/2019 1.08 1.08
4/1/2019 1.09 1.09
5/1/2019 1.31 1.34
6/1/2019 1.39 1.42
7/1/2019 1.38 1.38
8/1/2019 1.64 1.72
9/1/2019 1.74 1.81
10/1/2019 1.73 1.77
11/1/2019 1.63 1.64
12/1/2019 1.62 1.62
1/1/2020 1.44 1.45
2/1/2020 1.59 1.59
3/1/2020 1.62 1.64
4/1/2020 1.73 1.73
5/1/2020 1.77 1.79
6/1/2020 1.75 1.75
7/1/2020 1.62 1.61
8/1/2020 1.48 1.47
9/1/2020 1.27 1.26
10/1/2020 1.13 1.11
11/1/2020 0.90 0.89
12/1/2020 0.78 0.77
1/1/2021 0.66 0.65
2/1/2021 0.62 0.63
3/1/2021 0.71 0.72
4/1/2021 0.74 0.74
5/1/2021 0.59 0.57
6/1/2021 0.56 0.57
7/1/2021 0.65 0.66
8/1/2021 0.66 0.66
9/1/2021 0.63 0.62
10/1/2021 0.58 0.56
11/1/2021 0.51 0.50
12/1/2021 0.47 0.46
1/1/2022 0.45 0.44
2/1/2022 0.43 0.42
3/1/2022 0.42 0.42
4/1/2022 0.56 0.58
5/1/2022 1.05 1.06
6/1/2022 1.06 1.05
7/1/2022 1.12 1.12
8/1/2022 1.23 1.24
9/1/2022 1.53 1.63
10/1/2022 1.82 1.94
11/1/2022 1.89 1.91
12/1/2022 1.57 1.56
1/1/2023 1.24 1.23
2/1/2023 1.29 1.32
3/1/2023 1.42 1.41
4/1/2023 1.39 1.40
5/1/2023 1.57 1.58
6/1/2023 1.87 1.89
7/1/2023 1.89 1.94
8/1/2023 1.91 2.05
9/1/2023 1.93 2.14
10/1/2023 1.92 2.15
11/1/2023 1.88 2.00
12/1/2023 1.79 1.85
1/1/2024 1.79 1.90
2/1/2024 1.79 1.95
3/1/2024 1.78 1.96
4/1/2024 1.78 2.03
5/1/2024 1.79 2.02
6/1/2024 1.81 2.06
7/1/2024 1.84 2.07
Figure 4. Chinese renminbi exchange rate and fixing (bars)

Monthly, Percent

Date Fixing-spot difference
1/1/2015 -1.46
2/1/2015 -1.88
3/1/2015 -1.46
4/1/2015 -1.17
5/1/2015 -1.44
6/1/2015 -1.44
7/1/2015 -1.48
8/1/2015 -0.41
9/1/2015 -0.02
10/1/2015 0.00
11/1/2015 -0.01
12/1/2015 -0.04
1/1/2016 -0.25
2/1/2016 -0.30
3/1/2016 -0.04
4/1/2016 -0.01
5/1/2016 0.00
6/1/2016 -0.05
7/1/2016 -0.04
8/1/2016 -0.01
9/1/2016 0.00
10/1/2016 0.03
11/1/2016 -0.05
12/1/2016 -0.07
1/1/2017 -0.14
2/1/2017 -0.05
3/1/2017 -0.03
4/1/2017 -0.05
5/1/2017 -0.10
6/1/2017 -0.11
7/1/2017 -0.14
8/1/2017 -0.02
9/1/2017 -0.06
10/1/2017 -0.10
11/1/2017 -0.07
12/1/2017 -0.04
1/1/2018 0.01
2/1/2018 0.01
3/1/2018 -0.01
4/1/2018 0.06
5/1/2018 0.06
6/1/2018 -0.06
7/1/2018 -0.08
8/1/2018 -0.05
9/1/2018 -0.13
10/1/2018 0.00
11/1/2018 -0.07
12/1/2018 -0.07
1/1/2019 -0.11
2/1/2019 -0.14
3/1/2019 -0.05
4/1/2019 -0.02
5/1/2019 -0.18
6/1/2019 -0.25
7/1/2019 -0.04
8/1/2019 -0.43
9/1/2019 -0.55
10/1/2019 -0.41
11/1/2019 -0.06
12/1/2019 -0.05
1/1/2020 -0.10
2/1/2020 -0.03
3/1/2020 -0.08
4/1/2020 -0.03
5/1/2020 -0.11
6/1/2020 -0.05
7/1/2020 -0.02
8/1/2020 -0.01
9/1/2020 0.00
10/1/2020 0.08
11/1/2020 0.00
12/1/2020 -0.01
1/1/2021 0.03
2/1/2021 -0.06
3/1/2021 -0.01
4/1/2021 -0.01
5/1/2021 0.02
6/1/2021 0.00
7/1/2021 -0.04
8/1/2021 0.00
9/1/2021 0.02
10/1/2021 0.21
11/1/2021 0.06
12/1/2021 0.00
1/1/2022 0.08
2/1/2022 0.10
3/1/2022 0.04
4/1/2022 0.02
5/1/2022 0.01
6/1/2022 0.04
7/1/2022 0.01
8/1/2022 0.01
9/1/2022 -0.68
10/1/2022 -0.82
11/1/2022 -0.25
12/1/2022 -0.02
1/1/2023 -0.03
2/1/2023 -0.06
3/1/2023 0.02
4/1/2023 -0.02
5/1/2023 0.00
6/1/2023 -0.07
7/1/2023 -0.45
8/1/2023 -0.97
9/1/2023 -1.55
10/1/2023 -1.75
11/1/2023 -1.03
12/1/2023 -0.53
1/1/2024 -0.84
2/1/2024 -1.22
3/1/2024 -1.43
4/1/2024 -1.88
5/1/2024 -1.76
6/1/2024 -1.89
7/1/2024 -1.81

Note: Fixing-spot difference is the monthly average of the percentage difference between the renminbi fixing and the prior day’s closing spot exchange rate.

Source: Bloomberg; Board staff calculations.

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Figure 5. Chinese onshore assets held by overseas entities

Billion USD

Date Bonds Loans Equities Deposits
1/1/2015 113.49 138.76 97.87 355.19
2/1/2015 114.52 140.37 106.37 336.67
3/1/2015 114.24 140.55 118.35 324.52
4/1/2015 118.55 140.90 128.63 347.14
5/1/2015 120.65 143.76 137.07 340.29
6/1/2015 123.12 148.93 126.40 341.67
7/1/2015 128.44 157.03 96.76 316.04
8/1/2015 122.79 150.75 86.61 288.90
9/1/2015 120.05 146.93 82.99 261.31
10/1/2015 119.31 148.12 93.32 258.47
11/1/2015 119.69 141.60 72.22 232.95
12/1/2015 116.47 131.94 92.76 238.30
1/1/2016 102.69 123.44 74.24 208.65
2/1/2016 101.35 117.17 75.25 181.65
3/1/2016 104.53 119.64 87.77 195.92
4/1/2016 108.72 119.67 88.06 184.10
5/1/2016 109.65 116.12 88.39 186.61
6/1/2016 115.91 113.39 91.21 190.09
7/1/2016 113.03 108.29 94.64 177.67
8/1/2016 116.38 110.61 99.42 175.50
9/1/2016 120.79 106.13 98.35 169.46
10/1/2016 121.97 100.06 100.12 160.61
11/1/2016 121.93 95.59 103.59 150.02
12/1/2016 123.13 89.02 93.75 132.21
1/1/2017 119.22 88.99 101.54 141.74
2/1/2017 118.64 88.32 108.14 144.32
3/1/2017 120.38 101.44 112.64 134.02
4/1/2017 123.23 107.47 114.43 158.85
5/1/2017 123.95 117.89 116.98 134.36
6/1/2017 131.03 120.09 127.49 173.45
7/1/2017 140.49 134.38 136.42 138.79
8/1/2017 154.96 126.16 136.18 165.03
9/1/2017 171.68 118.82 155.40 172.58
10/1/2017 177.45 120.50 169.19 173.58
11/1/2017 178.68 108.55 169.01 186.08
12/1/2017 186.22 112.11 178.20 178.02
1/1/2018 207.38 120.99 199.61 177.71
2/1/2018 217.02 128.43 190.48 178.05
3/1/2018 222.48 133.18 190.11 180.01
4/1/2018 233.20 135.71 190.19 168.16
5/1/2018 240.52 127.67 207.70 182.26
6/1/2018 255.38 127.46 197.18 183.09
7/1/2018 256.67 125.52 191.44 171.71
8/1/2018 263.51 128.72 178.53 167.59
9/1/2018 263.98 134.83 186.50 151.18
10/1/2018 260.23 134.45 160.84 156.90
11/1/2018 254.99 142.80 170.74 148.92
12/1/2018 259.31 134.30 167.28 153.84
1/1/2019 266.35 128.03 193.35 157.60
2/1/2019 268.10 120.61 231.28 163.14
3/1/2019 270.90 127.12 250.81 166.46
4/1/2019 272.10 130.54 253.61 163.60
5/1/2019 282.77 122.24 220.56 164.61
6/1/2019 291.93 120.89 238.78 161.08
7/1/2019 302.42 121.70 240.64 164.47
8/1/2019 296.91 112.00 239.30 158.36
9/1/2019 306.85 114.94 248.47 153.62
10/1/2019 309.96 116.46 260.01 163.00
11/1/2019 323.23 118.11 266.50 156.07
12/1/2019 322.67 118.80 299.70 173.23
1/1/2020 327.06 121.82 304.85 165.52
2/1/2020 334.42 122.09 299.53 158.22
3/1/2020 330.40 126.35 268.80 183.02
4/1/2020 335.47 130.72 300.74 171.21
5/1/2020 350.30 131.52 307.54 165.01
6/1/2020 363.19 137.24 346.86 166.94
7/1/2020 391.10 139.53 402.30 171.86
8/1/2020 414.53 139.32 420.35 173.80
9/1/2020 442.69 144.30 403.79 175.18
10/1/2020 456.78 148.26 424.05 175.94
11/1/2020 480.34 148.85 459.99 190.97
12/1/2020 509.93 147.25 520.86 195.76
1/1/2021 549.54 160.75 546.39 198.14
2/1/2021 565.39 160.31 546.80 209.69
3/1/2021 560.87 168.76 516.22 196.82
4/1/2021 567.96 166.35 542.75 205.18
5/1/2021 585.82 172.58 585.24 225.48
6/1/2021 597.24 181.27 585.68 231.81
7/1/2021 595.93 177.99 541.03 229.48
8/1/2021 596.77 180.22 540.57 230.63
9/1/2021 610.08 179.81 551.44 235.14
12/1/2021 642.21 178.55 618.91 260.63
1/1/2022 653.24 192.17 564.62 254.86
2/1/2022 641.78 186.39 565.76 255.70
3/1/2022 623.89 187.48 502.12 231.98
4/1/2022 598.82 190.84 467.22 226.48
5/1/2022 558.37 178.87 466.77 236.03
6/1/2022 544.37 175.20 533.75 249.80
7/1/2022 532.66 171.02 496.49 273.37
8/1/2022 521.64 169.19 479.67 264.83
9/1/2022 495.57 164.35 431.64 264.17
10/1/2022 480.08 161.86 384.96 255.36
11/1/2022 474.30 165.42 435.23 260.26
12/1/2022 495.80 175.25 458.20 249.72
1/1/2023 493.24 176.61 535.62 258.58
2/1/2023 477.97 177.36 514.71 261.90
3/1/2023 474.58 185.76 506.32 265.88
4/1/2023 468.86 181.76 499.13 252.56
5/1/2023 464.42 181.54 459.44 263.99
6/1/2023 465.43 177.51 464.80 255.03
7/1/2023 458.78 174.15 488.26 253.09
8/1/2023 446.37 167.65 440.96 253.48
9/1/2023 445.51 161.16 423.84 250.03
10/1/2023 450.06 165.52 397.65 250.77
11/1/2023 489.95 162.89 396.83 249.30
12/1/2023 520.54 161.51 390.70 239.50

Note: Key identifies in order from top to bottom.

Source: People’s Bank of China.

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Figure 6. Foreign exchange reserves

Percent

Date Chinese renminbi British pound Japanese yen Canadian dollar Australian dollar
12/31/2016 1.08 4.35 3.95 1.94 1.69
3/31/2017 1.08 4.28 4.53 1.90 1.77
6/30/2017 1.08 4.42 4.62 1.93 1.75
9/30/2017 1.12 4.50 4.52 2.00 1.78
12/31/2017 1.23 4.54 4.90 2.03 1.80
3/31/2018 1.40 4.62 4.64 1.86 1.71
6/30/2018 1.83 4.48 4.86 1.91 1.70
9/30/2018 1.80 4.50 4.97 1.95 1.69
12/31/2018 1.89 4.43 5.19 1.84 1.63
3/31/2019 1.95 4.55 5.31 1.92 1.68
6/30/2019 1.93 4.52 5.51 1.90 1.70
9/30/2019 1.96 4.51 5.57 1.88 1.68
12/31/2019 1.94 4.64 5.87 1.86 1.70
3/31/2020 2.01 4.44 5.89 1.78 1.55
6/30/2020 2.08 4.48 5.72 1.91 1.69
9/30/2020 2.16 4.57 5.83 2.02 1.74
12/31/2020 2.29 4.73 6.03 2.08 1.83
3/31/2021 2.50 4.73 5.85 2.13 1.83
6/30/2021 2.64 4.70 5.63 2.26 1.83
9/30/2021 2.68 4.67 5.68 2.21 1.79
12/31/2021 2.80 4.81 5.52 2.38 1.84
3/31/2022 2.83 4.89 5.38 2.46 1.91
6/30/2022 2.77 4.84 5.15 2.48 1.88
9/30/2022 2.63 4.58 5.24 2.44 1.92
12/31/2022 2.61 4.90 5.50 2.38 1.96
3/31/2023 2.58 4.85 5.47 2.43 1.98
6/30/2023 2.44 4.77 5.34 2.49 1.97
9/30/2023 2.37 4.83 5.45 2.50 2.02
12/31/2023 2.29 4.84 5.70 2.58 2.11

Note: Share of globally disclosed allocated foreign exchange reserves. U.S. dollar and euro shares are not shown but were 58.4 percent and 20.0 percent in Q4-2023, respectively.

Source: IMF COFER.

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Figure 7. Fraction of Chinese trade settled in renminbi

Percent

Quarter Goods Trade Services Trade
1/1/2012 9.0 14.9
1/1/2013 12.3 23.8
1/1/2014 17.6 21.5
1/1/2015 27.7 10.9
1/1/2016 17.8 13.6
1/1/2017 12.3 11.9
1/1/2018 12.4 15.5
1/1/2019 14.1 18.9
1/1/2020 9.8 14.4
1/1/2021 15.3 20.5
1/1/2022 15.8 18.6
1/1/2023 26.2 30.3

Note: Services trade includes other current account settled in renminbi.

Source: Haver Analytics; Board staff calculations.

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Figure 8. Share of global payments and trade finance

Figure 8a: Share of global payments
Percent

Dates Chinese renminbi British pound Japanese yen
10/1/2010 0.04 8.98 3.60
1/1/2011 0.08 8.89 2.86
4/1/2011 0.18 8.32 2.56
7/1/2011 0.29 7.87 2.51
10/1/2011 0.30 8.57 2.95
1/1/2012 0.29 8.68 2.62
4/1/2012 0.36 8.82 2.58
7/1/2012 0.47 8.82 2.55
10/1/2012 0.50 8.81 2.41
1/1/2013 0.60 8.56 2.54
4/1/2013 0.75 8.23 2.54
7/1/2013 0.86 8.34 2.47
10/1/2013 0.91 8.94 2.52
1/1/2014 1.31 9.31 2.53
4/1/2014 1.51 8.69 2.35
7/1/2014 1.59 8.59 2.45
10/1/2014 1.80 8.37 2.84
1/1/2015 2.02 8.24 2.75
4/1/2015 2.10 8.15 2.80
7/1/2015 2.41 8.38 2.83
10/1/2015 2.23 8.97 2.85
1/1/2016 2.15 8.62 3.01
4/1/2016 1.86 8.10 3.23
7/1/2016 1.83 8.02 3.42
10/1/2016 1.90 7.58 3.43
1/1/2017 1.74 7.36 3.26
4/1/2017 1.66 7.18 3.31
7/1/2017 1.97 7.22 3.11
10/1/2017 1.68 7.52 2.88
1/1/2018 1.58 7.10 2.98
4/1/2018 1.72 7.33 3.50
7/1/2018 1.99 7.23 3.49
10/1/2018 1.89 7.26 3.57
1/1/2019 2.02 7.06 3.39
4/1/2019 1.91 7.01 3.37
7/1/2019 1.89 6.33 3.48
10/1/2019 1.94 6.74 3.65
1/1/2020 1.90 6.93 3.41
4/1/2020 1.76 6.58 3.77
7/1/2020 1.85 6.93 3.60
10/1/2020 1.89 6.93 3.48
1/1/2021 2.17 6.61 3.42
4/1/2021 2.12 6.02 3.31
7/1/2021 2.27 5.77 2.71
10/1/2021 2.07 6.40 2.76
1/1/2022 2.68 6.34 2.70
4/1/2022 2.16 6.32 2.86
7/1/2022 2.23 6.30 2.85
10/1/2022 2.31 7.18 2.78
1/1/2023 2.09 6.41 3.03
4/1/2023 2.37 6.43 3.76
7/1/2023 3.11 7.23 3.52
10/1/2023 3.98 7.27 3.83
1/1/2024 4.36 7.03 3.67

Figure 8b: Share of global trade finance
Percent

Date Euro Chinese renminbi Japanese yen
9/1/2020 6.51 1.91 1.55
3/1/2021 6.24 1.94 1.55
7/1/2021 6.37 1.73 1.52
9/1/2022 5.58 4.25 1.13
3/1/2023 6.41 4.5 1.76
7/1/2023 6.23 4.57 1.51
9/1/2023 5.43 5.8 1.4
1/1/2024 5.41 5.25 1.49
4/1/2024 5.94 4.71 1.93

Note: For Figure 8a, U.S. dollar and euro shares are not shown but were 22.8 and 47.0 percent in January 2024, respectively. For Figure 8b, the U.S. dollar share is not shown but was 84.1 percent in April 2024.

Source: Swift; Bloomberg.

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Figure 9. Share of over-the-counter foreign exchange transactions

Percent

Date Chinese renminbi British pound Japanese yen Canadian dollar Australian dollar
1/1/2004 0.1 16.5 20.8 4.2 6.0
1/1/2007 0.5 14.9 17.2 4.3 6.6
1/1/2010 0.9 12.9 19.0 5.3 7.6
1/1/2013 2.2 11.8 23.1 4.6 8.6
1/1/2016 4.0 12.8 21.6 5.1 6.9
1/1/2019 4.3 12.8 16.8 5.0 6.8
1/1/2022 7.0 12.9 16.7 6.2 6.4

Note: On a net-net basis. Percentages sum to 200 percent because every FX transaction includes two currencies. U.S. dollar and euro shares are not shown but were 88 percent and 31 percent in 2022, respectively.

Source: BIS Triennial Central Bank Survey of FX and OTC Derivatives Markets.

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Last Update: August 30, 2024