Pan Gongsheng said CNY accounts for approximately 6% -7%of international payments on a comprehensive basis, stably ranking third globally
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AT A GLANCE
Pan Gongsheng said that CNY its share of international payments under the SWIFT methodology is approximately 3% -4%, and approximately after including other settlement systems 6% -7%。
Article
Pan Gongsheng:CNY accounts for approximately 6% -7%of international payments, firmly ranking third globally
PANews October 20 reported, citing Caixin, that Pan Gongsheng, Governor of the People's Bank of China,October 19 said at the 2026 annual Financial Street Forum that, according to SWIFT statistics,CNY accounts for approximately 3% -4%of international payments, ranking fifth globally. If amounts settled through CIPS and internal bank systems are also included, this share is broadly between 6% -7%, stably ranking third globally. Pan Gongsheng also stated that CNY has become China's leading settlement currency for external receipts and payments and the world's second-largest trade-financing currency. Next, the central bank will study implementing multi-tier custodial arrangements in the opening of the bond market, and promote CNY bonds as globally eligible collateral; support an offshore CNY market structure centered on Hong Kong and coordinated with London, Singapore, and Dubai; and provide the offshore market with stable, multi-tiered CNY liquidity supply.
According to PANews' summary of a Caixin report, Pan Gongsheng, Governor of the People's Bank of China,October 19 made the relevant remarks at the 2026 annual Financial Street Forum.
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Pan Gongsheng stated that, according to SWIFT statistics,CNY accounts for approximately 3% -4%of international payments, ranking fifth globally.
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Pan Gongsheng stated that if amounts settled through CIPS and internal bank systems are included, the share is broadly between 6% -7%, stably ranking third globally.
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Pan Gongsheng stated that CNY has become China's leading settlement currency for external receipts and payments and the world's second-largest trade-financing currency.
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Pan Gongsheng stated that the central bank will next study multi-tier custodial arrangements and promote CNY bonds as globally eligible collateral, while supporting the offshore CNY market and liquidity supply.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
For the same CNY international payment activity, different statistical scopes produce different shares: under the SWIFT methodology, it is approximately 3% -4%; after adding CIPS and internal bank-system settlements, it is approximately 6% -7%. Therefore, the rankings correspond to different methodologies and should not be conflated.
Why it matters to readers
These remarks reflect CNY its use in international payments, trade finance, and cross-border settlement, and also outline bond custody, eligible collateral, offshore-market, and liquidity arrangements that the central bank plans to study or promote.
Beginners should focus on distinguishing statistical methodologies and note that “will study,” “promote,” and “support” refer to future directions and do not mean that specific rules have already been implemented.
Risks and unknowns
The evidence is PANews' summary of a Caixin report; neither Pan Gongsheng's original speech transcript nor the full Caixin article is provided.
The specific coverage, calculation methods, and statistical periods under the different methodologies are not explained in the evidence.
The specific rules and implementation timeline for multi-tier custody, eligible collateral, and offshore liquidity arrangements are not specified.
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Related concepts
Share of international payments
This term is not in the glossary yet. Browse related concepts in the glossary.
