Whereas the share of global economic output accounted for by China in 2017 was just over 17%,1 the renminbi’s share in international payment flows in August 2018 was a mere 2.12%.2 The US dollar and the euro find themselves in a different position.
The share of global economic output for the US in 2017 was 15%, and that for the euro just over 16%.3 By contrast, commanding a share of just over 39%, the US dollar undisputedly remains the world’s most often used currency in payments, followed by the euro with just under 34%.4 As a payments currency, the renminbi currently ranks fifth (behind the US dollar, the euro, the pound sterling and the Japanese yen).