BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/36
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) reports monthly on the use of currencies in international payments. The July report found that 2 % of cross-border payments globally were conducted in yuan, placing it in fifth place just behind the Japanese yen among world’s most important currencies in international payments. The rankings were led by the US dollar (41 %), euro (31 %), British pound (8 %) and Japanese yen (3 %).
The role of the Russian ruble in forex trading and in international payments has declined in recent years. BIS reports that the ruble today is involved in only 1 % of forex trades and that its ranking has declined from 12th place three years ago to 18th place at present. The ruble has failed to make it into the SWIFT top 20 currencies since spring 2015.