The US dollar (USD) remains the undisputed leader in global payments, commanding a dominant 59.10% share of total transaction value in June 2026. This figure is consistent with recent months, showing the USD’s role as the primary currency for international settlements and cross-border transactions, says the June 2026 edition of the Global Currency Tracker, published by SWIFT.

It provides an overview of currency usage across global payments, trade finance, and foreign exchange markets. Formerly known as the RMB Tracker until February 2026, the report’s expanded scope now reflects the diversity of currencies moving through the SWIFT network.

Dominance of USD and other major currencies in global payments

The euro (EUR) makes up 13.92% of global payment value, ranking as the second-most-used currency after the USD.

 The British pound sterling (GBP) ranks third with a 5.08% share, reflecting its continued importance in global financial markets. The Japanese yen (JPY) and Canadian dollar (CAD) follow, with shares of 4.94% and 2.58%, respectively. The Chinese renminbi (CNY) accounts for 2.18%, placing it sixth among global payment currencies.

Other notable currencies in the top 20 include the Australian dollar (AUD) at 1.99%, the Swiss franc (CHF) at 1.88%, the Hong Kong dollar (HKD) at 1.35%, and the Singapore dollar (SGD) at 0.90%.

When excluding payments within the Eurozone, the USD’s share of international payments rises to approximately 75%, further emphasising its centrality outside the euro area. The euro’s share correspondingly decreases, reflecting its regional concentration.

In trade finance transactions, the USD’s dominance is even more pronounced, accounting for 82.50% of the transaction value.

The euro accounts for 7.00%, while the renminbi is at 5.51%. This shows the USD’s vital role in global trade and financing.

Offshore Renminbi (RMB) payment flows and clearing centres

Offshore RMB payments continue to show robust activity, with Hong Kong remaining the principal clearing centre. 

Hong Kong accounted for 75.02% of inbound and outbound RMB payment traffic in May 2026, backing its status as the dominant offshore RMB hub.

Other key offshore RMB economies by payment value include, United Kingdom (3.97%), Singapore (2.06%), United States (1.35%), France (0.27%), and South Korea (0.27%).

This distribution shows the RMB’s growing international footprint, with Western financial centres increasingly participating in RMB transactions alongside traditional Asian hubs.

Foreign exchange spot market activity

The USD has the highest FX spot trading volumes, followed by the euro, British pound, Japanese yen, and Chinese renminbi. 

In May 2026, the top ten currencies by FX spot volume were USD, EUR, GBP, JPY, CNY, CAD, AUD, CHF, KRW, and HKD.

Switzerland and Singapore stand out as leading economies conducting RMB FX spot transactions, with Switzerland accounting for 24.51% and Singapore 21.13% of RMB spot volumes outside China. 

Significant participants are South Korea (6.67%), Japan (5.08%), Germany (4.94%), the United Kingdom (4.94%), and the United States (4.94%).

Trends in RMB’s global payment share

The RMB’s share of global payments has shown steady growth over recent years. From approximately 1.5% in 2020, the RMB’s share increased to 2.18% by June 2026. This growth is supported by the expansion of offshore clearing centres, increased adoption by international banks, and supportive regulatory frameworks.

However, the RMB still lags behind the USD, euro, and pound sterling in global currency rankings due to capital controls and geopolitical issues.

Access the tracker here.