US corporates stand to gain through participation in Rmb payments
Renminbi payments recorded continued growth in the UK and Singapore, but tapered off in the US due to persistence with payments in USD.
SWIFT’s January 2013 tracker showed that renminbi adoption by the US has proven disappointing thus far, and throughout 2012, pick-up of the Chinese currency was generally flat, with year-end figures trending downwards, pointing towards a major decline. From November to December 2012, the US experienced a 38% decrease in renminbi payments, dropping it three positions to sixth place in offshore renminbi countries. Luxembourg, together with the UK, Singapore, Australia, and France currently form the top five renminbi offshore countries.
Renminbi payments tapers off in the US
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, Transaction Banking
, Lisa O’Connor
, James Will
, Alfred Nader
, Western Union