The yuan moved from eighth place in 2019 to fifth in 2022 and has managed to hold that position. “The international use of the yuan still does not match China’s size in the global economy and trade,” Miao wrote. For now, the yuan’s 8.5% share in the forex market is the clearest sign of its steady climb. Still, though, gauges of the yuan’s international usage have sent mixed signals this year. Behind the yuan, the Swiss franc moved up to sixth, gaining a 6.4% share, compared to eighth place in 2022.