The dominance of the US dollar in the global payment system!

The dominance of the US dollar in international payments has reached a record level, according to the latest data on the transactions of the Company for the world interbank financial telecommunications (SWIFT), the leading global financial messaging service. SWIFT’s messaging platform, products and services connect more than 11,000 banking organization and organization for securities, market infrastructures and corporate clients in more than 200 countries and territories.

The data shows that the share of SWIFT FX transactions involving the US dollar rose to a record 46% in July, compared to just over one-third a decade ago, reported is Bloomberg this week. SWIFT collects approximately 200 million FX confirmations per year. An increasing number of SWIFT transactions involving the US dollar are mostly achieved on account of the euro, which reached its highest point with a share of 46% in 2012. Share of common European currencies in trading after that reached the lowest level in history, trading something under a quarter.

SWIFT’s data also shows an increasing trend in Chinese yuan-related transactions on global foreign exchange markets. In July, over 3% of instructions were sent via SWIFT included the Chinese yuan, which is the second time it has been recorded. For comparison, this figure was approx 0.03% in 2010.

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