The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

Value of RMB payments increases 17-fold

The value of payments in offshore RMB has grown by 17 times in the past 22 months, according to figures from Swift, the financial messaging service.

Swift states that RMB has jumped from the 35th to 16th most-used payment currency in the world since the firm started tracking the internationalization of the Chinese currency in October 2010. It has experienced by far the greatest increase in usage of any currency, with payments across all currencies rising by just 1.1 times, compared with 17.4 times for the RMB. The only other main currency with a marked increase was the RUB, in which payments grew by 3.2 times.

 RMB payments grow 17.4 times

 
 Source: Swift

From June 2011 to June 2012, the international adoption of the RMB grew substantially, as the number of countries and institutions processing RMB payments expanded from 65 to 91 – a 40% increase – and from 617 to 983 – a 60% increase – respectively.

Another indicator of widening international RMB adoption is the increase in RMB relationships of the top five RMB payments banks, from 91 to 153 relationships since June 2011 – a 68% increase.

 Growing international adoption of RMB payments

 
 Source: Swift
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree