China's share of global transactions on the SWIFT financial messaging network slipped to 2.85% in April, down from 3.1% in the prior period, according to data from the network.
The latest reading
The decrease marks a drop of 0.25 percentage points month-over-month. SWIFT data tracks the volume of payment instructions sent over its system, a widely used gauge for cross-border trade and finance. China's share had stood at 3.1% in the previous month before the April decline.
What the figure covers
SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, processes millions of messages daily between banks and financial institutions. The monthly share figures reflect the proportion of all payments sent via SWIFT that involve the Chinese yuan. The April number represents a retreat from recent levels.
The data does not specify which types of transactions drove the change, nor does it break out the total value of payments. SWIFT's reporting focuses on message volumes rather than currency amounts.
