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%.
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