The Asian Banker

Renminbi gaining traction as an international currency
The renminbi is currently ranked as the 13th payment currency in the world, up seven places from July 2012-April 2013.

Jun 03, 2013 | Baron Laudermilk

The use of the renminbi for Chinese and Hong Kong payments has significantly increased since the People’s Bank of China (PBoC) issued new regulations that allowed renminbi-denominated trade to be conducted on a global scale. The SWIFT Rmb Tracker shows that 47 out of the 160 countries which conducted payments with China and Hong Kong in April 2013 had at least 10% of their payments valued in renminbi. This represents an increase of 9% from July 2012 –April 2013 in terms of the number of countries using the renminbi, thus underscoring the growing internationalisation and usage of…

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Categories: China, Hong Kong, Rmb, Trade Finance, Transaction Banking
Keywords: SWIFT, PBoC, Wim Raymaekers, Switzerland, Sibos 2013
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