Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: Two people martyred in the Israeli airstrike that targeted a vehicle in Toul.
Al Mayadeen's correspondent in South Lebanon: Israeli drone strikes vehicle in town of Toul, South Lebanon.
Al Mayadeen's EU delegate: Belgium categorically refused to touch Russian assets in its banks for fear of a Russian judicial backlash
Al Mayadeen's EU delegate: The European Union has failed to reach an agreement on the use of Russian assets frozen in Belgium
Trump: Will be seeing land action in Venezuela soon
Trump: first question to Xi will be fentanyl
Trump on reports of B1 bombers near Venezuela: Reports are not accurate
Al Mayadeen's correspondent: The death toll from the airstrike that targeted the town of Arabsalim in South Lebanon has risen to two, in addition to four injuries
Al Mayadeen's correspondent in South Lebanon: An Israeli airstrike targeted the town of Arabsalim
Putin on new sanctions against Russia: Russia's energy sector remains confident, though some losses are expected

Unprecedented decline in Euro usage signals shift to USD, Yuan

  • By Al Mayadeen English
  • Source: News websites
  • 27 Aug 2023 20:55
  • 1 Shares
2 Min Read

Euro's global payments usage via the SWIFT system plummets, favoring the US dollar and Chinese yuan, with the Euro at a historic low of 24.4%.

  • x
  • Unprecedented decline in Euro usage signals shift to USD and Yuan.
    Euro banknotes are displayed on a table in Munich, Germany, on March 30, 2022 (AP)

The Euro has experienced an unprecedented decline in its usage for international payments via the SWIFT system.

Recent data from SWIFT, reported by various media outlets this week, has shed light on a remarkable shift towards the US dollar and the Chinese yuan in global financial transactions.

According to a report from RIA Novosti, the July 2023 statistics indicate a stark decrease in the global share of transactions involving the Euro, the world's second-most popular currency. The usage of the Euro in international payments plunged to a historic low of 24.4%, marking a substantial decline of 6.83% when compared to the preceding month.

Conversely, the percentage of payments conducted in US dollars has seen a notable surge, reaching 46.4 percent. Additionally, the Chinese Yuan has demonstrated a robust performance, surpassing 3 percent in international settlements. This achievement signifies the highest level the Yuan has reached since early 2022 and aligns with Beijing's ongoing strategy to facilitate the global adoption of its currency, as nations demand an alternative currency for international trade.

Related News

Chinese yuan undervaluation under fire from global think tanks

China advances yuan in Africa to challenge US dollar

The shift in payment preferences comes at a time when alternative communication systems between banks have been steadily emerging over the past few years, presenting new options beyond the traditional SWIFT framework.

In response to the economic sanctions imposed by the United States in 2014, Russia took proactive steps to establish its own national payment system called the System for Transfer of Financial Messages (SPFS). This system enables the seamless exchange of financial messages between banks, irrespective of their location within or beyond the borders of the Russian Federation.

Furthermore, Russia introduced the Mir card in December 2015 as a viable alternative to international payment giants MasterCard and Visa. The Mir card has gained significant traction, finding active usage across multiple countries.

As the dynamics of global finance continue to evolve, these shifts in payment preferences and the rise of alternative systems highlight the complex interplay of economic strategies, geopolitical factors, and technological advancements shaping the landscape of future international financial transactions.

Read more: Making sense of a self-induced recession in Europe

  • Yuan
  • SWIFT
  • US dollar
  • Euro

Most Read

From previous scenes of the Qassam Brigades targeting an Israeli D9 bulldozer with a Yassin 105 shell, east of Deir al-Balah. (Military Media of the Qassam Brigades)

US knew fatal Rafah blast cause was not Hamas op., says journalist

  • Politics
  • 20 Oct 2025
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • Today
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Palestinians walk through the destruction caused by the Israeli air and ground offensive in Gaza City, Thursday, October 23, 2025. (AP Photo/Abdel Kareem Hana)
Politics

Unexploded ordnances in Gaza may take 30 yrs to clear, aid group says

Police stand guard before a press conference on the extradition of “Tren de Aragua” gang members from the United States, at the a high-security prison where they are being held in Santiago, Chile, Wednesday, October 1, 2025. (AP Photo/Esteban Félix)
Politics

US immigration policies shaped by false 'Venezuela gang' threats

Demonstrators march at a protest opposing "Operation Midway Blitz" and the presence of ICE, Tuesday, Sept. 9, 2025, in Chicago (AP)
Politics

HRW slams federal agents use of excessive force in Illinois protests

Lebanese President Joseph Aoun meets with the Lebanese Prime Minister Nawwaf Salam ahead of a Cabinet meeting in the Presidential Palace, Baabda, Lebanon, October 23, 2025 (X/ @LBPresidency)
Politics

Lebanon OKs sea demarcation with Cyprus, restarts Block 8 exploration

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS