In 2012 there was huge publicity at the launch of the RMB and high annual growth initially, but over the last couple of years there has been little growth, as SWIFT’s figures on FX transctions in RMB show:
Source & Copyright©2018 - SWIFT
RMB global share
RMB’s rank as a domestic and international payments currency for customer initiated and institutional payments, based on value, for messages exchanged on SWIFT is stuck at 6th place globally:
And global rank drops to 8th if exclude payments within the Eurozone.
Offshore RMB economies with clearing centres
Looking at RMB economies with clearing centres by weight, the picture is unchanged since the RMB was launched. In 2018 Hong Kong is still the biggest by far with 75%, UK with 6%, Singapore with 4.8% and rest nowhere. There is no way it is ever going to challenge the USD.
CTMfile take: The dynamics of global trade will need to change dramatically to significantly alter the role of the RMB. There is no way the RMB will ever challenge the dominace of the USD.
RMB still struggling to become a major international currency
SWIFT’s RMB Tracker shows that RMB has regained its position as fifth most active currency for global payments as Hong Kong domination of off-shore clearings continues
RMB role and share of international payments is declining
From Dec 2015 to Feb 2017 fell to 6th, whilst Hong Kong clearing domination continues
RMB internationalisation stalls in 2016
SWIFT RMB Tracker shows an overall decline in RMB payments by value for 2016, closing out the year in sixth place among currencies used for international payments