China’s share of global payments processed through the SWIFT network dropped to 2.85% in April, down from 3.10% in the prior period.

The numbers in context

When you’re operating at a base of roughly 3% of global payments, a drop from 3.10% to 2.85% represents a meaningful relative decline of about 8%. SWIFT’s broader data for April 2025 shows the RMB holding a 3.5% share of total global payments when measured by a slightly different methodology, ranking it fifth globally. Exclude intra-Eurozone transactions, which inflate the euro’s numbers, and the RMB’s share falls further to just 2.38%, pushing it down to sixth place.

The actual value of RMB-denominated payments through SWIFT fell 14.14% month-over-month. Meanwhile, overall global payment values across all currencies rose 1.35% over the same period.

Beijing’s parallel infrastructure push

China’s Cross-border Interbank Payment System, known as CIPS, now connects over 11,500 financial institutions across more than 235 countries. CIPS serves a dual purpose. It gives Chinese authorities more control over cross-border payment data, and it provides an alternative rail for countries that might want to settle trade in RMB without routing through Western-controlled financial infrastructure.

Chinese policymakers have been explicit about their goals. Recent policy initiatives focus on enhancing trade and investment facilitation while improving coordination between domestic and foreign currency operations.

Why the RMB keeps hitting a ceiling

Capital controls remain the biggest constraint. China maintains tight restrictions on how money flows in and out of the country, which makes international investors and businesses nervous about holding large RMB balances. Market depth is another issue. China’s bond markets have grown enormously, but they don’t yet offer the same depth, transparency, or ease of access that dollar markets provide.

The RMB’s international usage remains vulnerable to shifts in economic sentiment and market perceptions about China’s policy direction. The RMB’s share of global payments has bounced around rather than following a steady upward trajectory.

What this means for investors

If the world’s second-largest economy, with active government support and dedicated infrastructure, can’t consistently grow its payment share above 3%, it tells you something about how entrenched the current system is.

The number to watch going forward is whether China’s 14.14% month-over-month decline in RMB payment value is a one-month blip or the start of a trend.