Fed up with Ads? Install Dainik Bhaskar app for news without ads
new Delhi3 days ago
- Copy link
The UK, Canada and Japan currency accounted for 12.25% of the total transactions in October.
- According to the report, 85% of the total foreign exchange transactions are in dollars.
- According to the data, about 37.82% of the cash was transferred to Euros in October.
Euro was used more for global payment in coronary period instead of US dollar. This information was given by the Society for Worldwide Inter Bank Financial Telecommunication (Swift), which handles the inter-border payment messages of 11 thousand financial institutions in 200 countries.
According to Swift’s latest report, the European currency euro was the most used in October. This was followed by the British pound and the Japanese currency yen. The Canadian Dollar and the Chinese Yuan are also included in this list.
US Dollar Reduction in Use
International payments saw a decrease in the US dollar due to trade fluctuations, recession due to epidemic and political changes. The dollar has fallen 11% from its March high, according to Bloomberg. At the same time, according to the July report of the Bank of International Settlement (BIS), the dollar is still the top funding currency in terms of cross border loans.
According to the report, 85% of the total foreign exchange transactions are in dollars. It constitutes 61% of the official foreign exchange reserve. The BIS stated that half of the total international trade is in US currency dollars.
Transaction of Euro in October
According to data released by Swift, around 37.82% of the cash was transferred to Euros in October, the highest level since February 2013. It grew more than 6% from December of last year to October. During the same period, the dollar usage has slipped 4.6%, down from 37.64% in December.
The UK, Canada and Japan currency accounted for 12.25% of the total transactions in October. The dollar was most used in global payments in April 2015. The dollar then accounted for 45.3% of the total payment.
Improve yuan usage
According to the report, the yuan usage in October has come down by 1.66%, which is worse after April. At the same time, China’s currency yuan is also competing with other top currencies in the list. The yuan was ranked 34th in October 2010, according to Swift, which joined the Top 6 in 2014. It is continuously strengthening its position. Its participation in the total stake is less than 2%.