Russia ranks third in the world in terms of offshore yuan payments

Russia ranked third in the world in terms of yuan payments outside of China, this follows from the data of the international system for the transfer of interbank messages (SWIFT).

According to the SWIFT report, Russia accounted for 4.27% of total yuan payments outside of China in August. The first and second places were occupied by Hong Kong and the United Kingdom, they account for 71.1% and 5.7%, respectively.

The growth of Russia’s share in the world volume of yuan payments outside of China began in April, after the imposition of sanctions against the Russian Federation by Western countries and the disconnection of some Russian banks from the international financial messaging system.

According to monthly SWIFT reports, in April Russia’s share of offshore payments using the yuan was only 0.62%, then Russia ranked 12th in the world in this indicator. Over the past five months, there has been a significant increase: in May, the share of Russia increased to 0.79%, and in June – to 1.42%. Russia came in third place in terms of offshore yuan payments in July – 3.9%, in August the position was maintained, and the share was 4.27%.






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