Renminbi's share of payments rises slightly in May

China’s currency regains position as sixth most used currency for global payments in May, with 1.61% share – Swift data

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Redback clawback: despite the rebound in May, the overall trend for renminbi usage is not encouraging

The renminbi regained its position as the sixth most used currency for international payments in May, with a share of 1.61%, rebounding from the seventh place it slipped to in April when the Swiss franc overtook it, according to payments infrastructure company Swift’s RMB Tracker.

Despite managing to claw back some of its lost share, the overall trend for renminbi usage is not encouraging. The redback hit its peak in August 2015, when it registered a share of 2.79%, but by the December the figu