Renminbi gaining traction as an international currency
The renminbi is currently ranked as the 13th payment currency in the world, up seven places from July 2012-April 2013. June 03, 2013 | Baron LaudermilkThe use of the renminbi for Chinese and Hong Kong payments has significantly increased since the People’s Bank of China (PBoC) issued new regulations that allowed renminbi-denominated trade to be conducted on a global scale. Figure 1. The renminbi is currently ranked as the 13th payment currency in the world The renminbi's position as a major payments currency The average renminbi payment weight in all of the 160 countries jumped to 6%, giving the currency a 2% increase since July 2012. SWIFT’s Rmb Tracker also shows that Italy and Russia have jumped on the renminbi bandwagon, providing business opportunities for banks with renminbi-related products and services in those countries. Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: China, Hong Kong, Rmb, Trade Finance, Transaction BankingChina,HK,Rmb,Trade Finance,Transaction Banking, China,Hong Kong,Rmb,Trade Finance,Transaction Banking, Keywords:SWIFT, PBoC, Wim Raymaekers, Switzerland, Sibos 2013 SWIFT, PBoC, Wim Raymaekers, Switzerland, Sibos 2013
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