The SWIFT RMB index for April 2016 showed that, like the Chinese economy, growth slowed with the RMB faalling to position six in the global payments currency by value with a share of 1.82%:

India- Hong Kong/Chain payments

SWIFT’s RMB Tracker shows that 3.8% of all payments made between India and China / Hong Kong were exchanged in RMB while this was only 0.2% back in April 2014. Since 2014, the Chinese currency moved from position number six to position four for payments by value overtaking the Hong Kong dollar and the British pound. The US dollar, however, continues to lead the corridor with a share of almost 80%, followed by the Indian rupee (7.2%) and the euro (6.3%).the Renminbi is the fourth most active currency for payments between India and China/Hong Kong by value while the US dollar continues to dominate the corridor:

SWIFT India

SWIFT and nine Indian banks launched SWIFT India, a joint venture that provides domestic financial messaging service for Indian banks, global banks, securities houses and corporates. SWIFT India will support growth in automation, financial message standardisation, systems and processes for all financial market participants in India. These capabilities encompass all important infrastructure enablers that can support further development of cross-border payments for India.