RMB cracks top 5 currency ranking for global payments volume
by Ben Poole
Monthly reporting and statistics from SWIFT’s RMB Tracker has shown that, in February 2020, the RMB stepped up to #5 in the currency ranking for global payments by value, overtaking Canadian dollar, with a share of 2.11%. Two years ago, the RMB stood at #7 in the table with a 1.56% share of live and delivered MT 103 and 202 payments.
Overall, RMB payments value increased by 17.55% compared to January 2020, while in general all payments currencies decreased by 8.09%.
As a global currency in the trade finance market, looking at live and delivered MT 400 and MT 700 payments, the RMB is up to #3 overall, with a 1.85% share of this market. This is up from 1.45% in February 2018, and the RMB has also jumped the Japanese yen in the table over the past two years.
In terms of international payments excluding payments within the Eurozone, the RMB ranked 8th with a share of 1.41% in February 2020.
Like this item? Get our Weekly Update newsletter. Subscribe today