German RMB payments value increases 71% and EUR almost loses its lead as most used currency
by Kylene Casanova
SWIFT data shows that Germany is ranked #8 in the world for RMB payments value (excluding China and Hong Kong), and that it increased by 71% between April and May 2013. It recorded the biggest increase in the top 20 countries in CNY payments.
In May 2013, 8.2% of payments between Germany and China / Hong Kong were in CNY versus 4.8% in April 2013; and only 2.4% in May 2012. SWIFT notes that the weight of customer payments is at 21% versus 79% for institutional payments. Customer payments are normally much lower, for example 5% for France in April 2013. This is probably a good reflection of the significant trade relationship between Germany and China. Germany accounted for about one third of China's total trade with the European Union during the period.
Source & Copyright©2013 - SWIFT
EUR losing its lead in currency world standings
Compared to April 2013, the RMB remained stable in its position as #13 payment currency of the world, with a record high market share of 0.84% from 0.69%. Overall, RMB payments increased in value by 24.1% in May versus April when all currencies only increased by 1.9%.
Source & Copyright©2013 - SWIFT
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