Germany records strong Rmb growth, opens door to becoming clearing hub in Europe
Germany cements position as one of China major trading partners, as Rmb payments value rose 71% in May 2013.
Germany was recently ranked eighth in the world in terms of renminbi payments value (excluding China and Hong Kong), as it notched a 71% increase in payments value denominated in renminbi between April and May 2013, according to SWIFT data.
Lisa O’Connor, renminbi director at SWIFT, said, “Mid last year, China and Germany said that both sides would support financial institutions and companies in the use of renminbi and Euro in bilateral trade and investments. Our data shows, especially the weight of customer payments – a good proxy to imports and exports – that the renminbi has gained…
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, Transaction Banking
, Bilateral Trade
, Lisa O’Connor
, Sibos 2013