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RMB payments supported by growing number of banks

The rise in RMB payments is supported by a growing number of banks, according to Swift. Data from the organisation indicates that, in May 2015, 1,081 financial institutions used RMB for payments with China and Hong Kong, which represents 35% of all institutions that exchanged payments with the latter, in all currencies.

According to Swift's statement, this is a 22% increase in the number of institutions using the RMB and a 6% increase in adoption, up from 29% two years ago.

Overall, the RMB strengthened its position as the fifth most active currency for global payments in value and accounted for 2.18% of payments worldwide in May 2015.

“Every month we witness new proof of global RMB adoption,” says Michael Moon, head of payments, Asia Pacific, Swift. "The number of banks that use RMB for payments with China and Hong Kong is a key internationalisation indicator. This large number also shows that many banks, across the globe, may have an interest in connectivity to the China International Payment System that China will launch by end of the year.”

In May 2015, RMB adoption for payments by financial institutions in Asia Pacific increased to 37% from 33% in May 2013. During the same time period, the Americas experienced even stronger growth with financial institutions increasing their use of the RMB for payments by 10%, leading to 37% adoption. Europe follows closely with 33% adoption and Africa - Middle East with 28%.

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