The euro’s use in international payments fell to its lowest level in three years in April as usage of the US dollar rose, while the yuan’s share rose to its highest in five months.
The proportion of cross-border transactions involving the European common currency fell to 31.74% in April from 32.64% in March, according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT). USD usage climbed further from 41.74% to 42.71%.
The dollar’s share continued to expand after several US bank failures and concerns over Credit Suisse Group AG eventually led to its acquisition by UBS AG. Even with its recent decline, the euro is still the second most used currency for SWIFT payments globally.
The yen’s share of payments reversed after surging in March. April’s growth came in at 3.51%, following March’s 4.7%, the report said.