In June, the renminbi gained two places in the ranking of world payments currencies to move one step closer to the top 10. According to SWIFT, the Chinese currency is now ranked #11 as payments currency in June 2013, with an all-time high market share of 0.87%, overtaking the baht and the krone. The renminbi is currently at the same level in value as the Hong Kong dollar was in February 2013.

"The renminbi continues to grow in relation to other currencies," said Patrick de Courcy, head of markets, Asia-Pacific at SWIFT. "In comparison to other months, we have seen the global payments currencies in value decrease by 4.5% in June, whereas the renminbi only decreased by 1.3%." He added: "The continuous growth of renminbi payments coming from key markets, such as the UK, further supports the international use of the Chinese currency. According to the SWIFT RMB Tracker, over the past two years, the CNY's market share has increased by more than threefold while other Asian currencies stayed flat."