Rmb payments in Europe rise, driven by strong Q3 2013 growth
Europe’s 163% payments rise in renminbi over 2013 combined with strong Q3 growth has led it to equal Asia (excluding China and Hong Kong) in value of renminbi payments.
When the renminbi first began global usage in trade settlement in mid-2012, it was assumed that strength in the Chinese currency would be buoyed by Asia before expansion to Europe, the Americas, followed by the rest of the world. Since then, SWIFT has been actively tracking the development of the renminbi globally.
The latest SWIFT renminbi tracker has highlighted a remarkable 163% increase in Europe over the last year in renminbi customer payments. According to SWIFT, this is much higher than growth seen in Asia (excluding China and Hong Kong), which stands at 109% over the same period. This year has seen Europe almost neck to neck in terms of value with Asia driven by strong growth in Q3. For the Asia Pacific region, customer payments in renminbi were bolstered by Singapore and Taiwan, with adoption of the payments currency still relatively low in Australia and Japan.
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, Transaction Banking
, Patrick de Courcy