The renminbi (Rmb) has become the third largest currency for letters of credit (LCs), after the US dollar and the euro, according to Swift’s latest report.

The Swift Rmb tracker reports that Rmb now has a 4% market share in the global issuance of letters of credit.

The US dollar wins the top spot with an 84.4% market share, while the euro lags behind at 7%.

On the payments front, Rmb remains 16th in global payments currency, with a market share of 0.34%.

The top Rmb corridor for letters of credit is Asia Pacific, with over 50% in transactions from banks in China to Hong Kong, while nearly 20% is being generated from China to Singapore, Swift says.