Published January 29, 2013
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.
Date: Jan 29, 2013
Author: Magessan Raj
Categories: China, Payments, Rmb, Transaction Banking
Keywords: SWIFT, Lisa O’Connor, James Will, Alfred Nader, Western Union
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…