The RMB is making little progress in becoming a major international currency. SWIFT report that in July 2017, the RMB regained its position as the fifth most active currency for global payments with a share of 2.00%, an increase from 1.98% in June 2017. Overall RMB payments value decreased by 3.71% compared to June 2017, whilst in general all payments currencies decreased by 4.34%.
The figures for customer initiated and institutional international payments were:
Source & Copyright©2017 - RMB Tracker – source: SWIFT Watch
Hong Kong continues to dominate off-shore RMB clearing
Hong Kong cleared 76.66% of ustomer initiated and institutional payments. Inbound + Outbound traffic. Based on value, excluding China: United Kingdom took 5%, Singapore 4.2%, Republic of Korea 4% and the USA 2.25%.
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
RMB back to #5 globally & UAE shows stellar growth in RMB adoption
Special edition of SWIFT’s RMB Tracker provides consolidated overview of the RMB’s journey towards internationalisation with snapshots of EMEA, France, Germany, Switzerland and the UAE