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RMB now 2nd most used currency in trade finance, overtaking the Euro

Published on 03 Dec 2013

 

Brussels, 3 December 2013 - Recent SWIFT data shows that RMB usage in traditional trade finance - Letters of Credit and Collections - grew from an activity share of 1.89% in January 2012 to 8.66% in October 2013, propelling the RMB to the second most used currency in this market. It ranks behind the USD, which remains the leading currency with a share of 81.08%. The RMB overtook the Euro, which dropped from 7.87% in January 2012 to 6.64% in October 2013 and is now in third place. The top 5 countries using RMB for trade finance in October 2013 were China, Hong Kong, Singapore, Germany and Australia.

"The RMB is clearly a top currency for trade finance globally and even more so in Asia, as shown by SWIFT's business intelligence statistics on the pace at which China's exporters and importers and their counterparts use the RMB for Letters of Credit", says Franck de Praetere, Head of Payments and Trade Markets, Asia Pacific, SWIFT.

In October 2013, the RMB remained stable in its position as the #12 payments currency of the world, with a slightly decreased activity share of 0.84% compared to 0.86% in September 2013. Overall, RMB payments increased in value by 1.5% in October 2013, whilst the growth for all payments currencies was at 4.6%.

 

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About SWIFT RMB Tracker & RMB Internationalisation
Launched in September 2011, the SWIFT RMB Tracker provides monthly reporting on key statistics to understand the progress made by RMB towards becoming an international currency. To register for the RMB Tracker in English, Traditional or Simplified Chinese, visit swift.com (select ‘Banks on SWIFT') or e-mail mailto:swiftforbanks@swift.com

For more information about RMB Internationalisation, please visit http://www.swift.com/products/renminbi/overview or join our new ‘Business Intelligence Transaction Banking' LinkedIn group!  

 

Disclaimer: This report is provided for information only. If the customer or any third party decides to take any course of action or omission based on this report and/or any conclusion contained therein, they shall do so at their own risk and SWIFT shall not be liable for any loss or damage, arising from their acts or omissions based on this report and/or any recommendations contained therein.

SWIFT
Ernest Chan
Head of Media Relations, Asia Pacific
Tel: +852 2107 8873
mailto:ernest.chan@s#wift.com

Bite Communications
Rosemary Merz
Tel: +852 2973 0222
rosemary.merz@bitecommunications.com