According to Swift's RMB Tracker, the renminbi has overtaken four other currencies to become the most-actively used currency in Asia for payments with China and Hong Kong.

The RMB's rise from ranking #5 in the first quarter of 2012 to ranking #1 in the first quarter of 2015, represents an increase of value in weight of 327%. According to Swift, this is a glimpse of things to come. “Asia Pacific is clearly paving the way forward when it comes to RMB adoption,” says Michael Moon, Swift's head of payments, Asia Pacific.

He adds: “Big trading partners like Singapore, Taiwan and South Korea have adopted the RMB for the majority of their payments with Greater China. The new appointments of four clearing centres (South Korea, Malaysia, Thailand and Australia) within the region should also have a positive impact on RMB adoption, solidifying the important role of the currency within Asia Pacific and abroad.”

In 2012, the most used currency for Asia Pacific payments with Greater China was the Japanese yen, followed by Hong Kong dollar, US dollar and the Australian dollar. The RMB has now surpassed all four currencies and 31% of payments on average in Asia Pacific with China and Hong Kong are now made in RMB, up from 7% in April 2012.

According to Swift's press release, this growth is driven by the increase of RMB usage in most Asian countries to trade directly with China and Hong Kong. Over three years, most Asian countries moved from being low users (under 10% RMB) to medium users (between 10% and 50%). Out of 26 countries, within the region and using the RMB for direct payments with China and Hong Kong, only nine are considered low users compared to 19 in 2012. Six countries are now considered high users of the currency.

In terms of global payments, the RMB retains its position as the fifth most active currency for global payments and accounted for 2.07% of payments worldwide.