Russia was in the top 15 offshore economies and accounted for 3.9% of international payments in yuan in July, according to SWIFT’s yuan progress tracker. In June the same indicator for Russia stood at 1.42%.

Hong Kong and the United Kingdom, which accounted for 70.93% and 6.35% of international payments in yuan, respectively, are the only two economies ahead of Russia in SWIFT’s rating.

According to the report, the yuan has maintained its position of the fifth most active currency for global payments by value, accounting for 2.2% in July 2022, compared to 1.86% in July 2020.

The yuan ranked sixth in international payments excluding payments within the Eurozone, rising up one line after overtaking the Australian dollar and accounting for 1.51% in July 2022, compared to 1.22% in July 2020.