Positive momentum expected to pave road ahead for Rmb internationalisation
According to SWIFT data, the UK continued to expand its renminbi payments capabilities, whilst other countries, including Singapore, showed signs of decline.
According to a recent report by SWIFT, use of the renminbi declined for the second consecutive month in October 2012, leading to the Chinese currency being demoted to 16th in the world currency payments table, a fall of two places from September 2012.
While payments in renminbi experienced a 10% reduction, London continued to increase its share of the offshore renminbi market, with UK payments rising by 3.9% while others declined – Singapore payments fell by almost 23%, cementing London’s position as the second-largest offshore renminbi trading centre after Hong Kong. Institutional transfers,…
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