RMB one step away from Top 10 World Payments Currency
Brussels, 24 July 2013 - In June, the CNY gained two places in the ranking of world payments currencies to move one step closer to the top 10. According to SWIFT, CNY is now ranked #11 as payments currency in June 2013, with an all-time high market share of 0.87%, overtaking the Thai Bhat (THB) and the Norwegian Krone (NOK). RMB is currently at the same level in value as the Hong Kong Dollar (HKD) was in February 2013.
"The RMB 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 RMB only decreased by 1.3%. The continuous growth of RMB payments coming from key markets, such as the United Kingdom, further supports the international use of the Chinese currency. According to the SWIFT RMB Tracker, over the past 2 years the CNY's market share has increased by more than threefold whereas other Asian currencies stayed flat."
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
About SWIFT RMB Tracker & RMB Internationalisation
Launched in September 2011, the SWIFT RMB Tracker provides monthly reporting on key statistics to understand the progress made by RMB towards becoming an international currency. To register for the RMB Tracker in English, Traditional or Simplified Chinese, visit e-paying.info (select ‘Banks on SWIFT') or e-mail mailto:[email protected]
For more information about RMB Internationalisation, please visit http://e-paying.info/products/renminbi/overview or join our new ‘ LinkedIn group!
Disclaimer: This report is provided for information only. If the customer or any third party decides to take any course of action or omission based on this report and/or any conclusion contained therein, they shall do so at their own risk and SWIFT shall not be liable for any loss or damage, arising from their acts or omissions based on this report and/or any recommendations contained therein.
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