RMB Falls Back To 5th Position As International Payments Currency

According to SWIFT data, the RMB has dropped a position in the currency rankings for international payments, whilst underlying growth remains positive.

SWIFT's latest RMB tracker shows that the Chinese currency fell back one place to position #5 in the ranking table of currencies for international payments by value.

In September 2015, the RMB accounted for 2.45% of global payments, a decrease from 2.79% in August 2015. SWIFT data also shows, however, that the RMB's underlying growth remains positive. In September 2015, the RMB activity share was higher than that of July 2015 and the preceding months.

"Last month's RMB tracker showed a spike in RMB utilisation, elevating the currency to the #4 position worldwide," says Michael Moon, Head of Payments, Asia Pacific at SWIFT. "Whether the RMB sits at position #4 or #5, what is important to note is the underlying growth of the currency, which is trending positive. Such a trend is supported by an increasing number of corporates adopting the RMB for trade settlement and a rising number of banks supporting those payments."

Moon added, "Continued improvements in RMB processing through the use of international standards and enhancing the services offered by financial institutions will also continue to strengthen the RMB and its role as an international payments currency."

Overall, global RMB payments decreased in value by 5.57% in September 2015, whilst in general all payments currencies grew by 7.56%.

WEB'S BEST

Top stories from across the globe

  • Singapore Stresses Under a Wealth of Worries
  • A Short History of Investing in Gold – and What to Expect for 2017
  • Asia Pacific's Top Six Credit Risks For 2017
  • The 5 Most Shocking News in 2016
  • Hazel Moore: Banks Are Completely Wasting Valuable Customer Data
  • Morgan Stanley CEO Makes First-Ever Stock Sales After Bank Rally
More

PHOTO GALLERIES

finews.asia Networking Event

finews.asia Networking Event

Show pictures

stars China Symposium 2016

stars China Symposium 2016

Show pictures

Compare my salary

Compare my salary

Feeling Underpaid? Benchmark your salary by job title, company and location. Find out where you stand in minutes.

compare my salary

Newsletter

Newsletter-SymbolFree Subscription

Subscribe to our free newsletter and receive daily email alerts from the finews editorial team with a list of the top featured articles.

Share with us

Do you have any market intelligence to share with finews.asia – email us on info@finews.asia – All communication is completely confidential and strictly anonymous.