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
Trump signs executive order on changing name of Department of Defense to Department of War
Syrian media: A car bomb detonated in Al Mashhad Street in Aleppo, potential casualties reported
Lebanese government: The army will act within the framework of the relevant decision during the August 5 session, but it has the right to exercise operational discretion
Lebanese government: The Army Commander outlined the restrictions related to the implementation of the plan, the first of which is Israeli attacks
Lebanese government: The Lebanese Army will begin implementing the plan under the available capabilities
Lebanese government: Any progress in implementing the US envoy's paper is contingent on the Israeli side's commitment
Lebanese government: Lebanon approved the paper's objectives in the cabinet and prepared the army's plan, but the Israeli side did not take corresponding steps
Lebanese government: The US envoy’s paper stipulated coordinated steps from all parties, and its implementation is contingent on the approval of the concerned parties
Lebanese government: 'Israel's' continued violations expose regional security and stability to grave risks
Lebanese government: The army command will submit a monthly report to the Council of Ministers

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

Al Mayadeen English

Hezbollah’s weapons and the lessons of Syria, PLO, and Algeria

  • Politics
  • 2 Sep 2025
This Jan. 31, 2019 file photo, shows an oil platform in the Leviathan natural gas field, in the Mediterranean Sea off the Palestinian coast. (AP)

Netanyahu freezes $35 bln gas deal with Egypt over troops in Sinai

  • Politics
  • 2 Sep 2025
The Coming War On Iran Will Be Regional, Perhaps International

The coming war on Iran will be regional, perhaps international

  • Opinion
  • 2 Sep 2025
ap

Germany blocks EU push to sanction 'Israel' over war on Gaza

  • Politics
  • 31 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Senators demand end to GHF amid ethnic cleansing allegations
Palestine

Democratic senators call GHF Gaza aid scheme deadly, urge funding cut

Finnish flag in an undated photo (AFP)
Politics

Finland backs UN declaration supporting 'two-state solution'

UN Probe: Sudan’s RSF committed ‘myriad crimes against humanity’
Politics

Sudan’s RSF committed ‘myriad crimes against humanity’: UN probe

How a secret SEAL team 6 mission in North Korea collapsed under fire
Politics

How a covert US SEAL Team 6 mission in DPRK collapsed under fire

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