The Chinese yuan's share of global SWIFT payments dropped significantly in April 2025, falling from 3.10% in March to 2.38%, according to SWIFT's RMB Tracker. This decline pushed the yuan from fourth to sixth place among global currencies in international payments, excluding intra-Eurozone transactions. Including Eurozone flows, the yuan held a 3.50% share, ranking fifth. The value of RMB-denominated payments decreased by 14.14% month-on-month in April, contrasting with a 1.35% increase in overall global payments. Despite China's efforts to expand its Cross-Border Interbank Payment System (CIPS) to over 1,500 participants and signing currency swap agreements with over 40 central banks, the yuan remains a minor global currency due to capital controls and governance concerns. This volatility highlights challenges in the yuan's path to becoming a reserve currency.