German RMB payments value increases 71% reflecting its position as one of China’s major European trading partners
Brussels, 26 June 2013 – SWIFT data shows that Germany is ranked #8 in the world for RMB payments value (excluding China and Hong Kong), increasing by 71% between April and May 2013. It recorded the biggest increase in the top 20 countries in CNY payments.
In May 2013, 8.2% of payments between Germany and China / Hong Kong were in CNY versus 4.8% in April 2013; and only 2.4% in May 2012. SWIFT notes that the weight of customer payments is at 21% versus 79% for institutional payments. Customer payments are normally much lower, for example 5% for France in April 2013. This is probably a good reflection of the significant trade relationship between Germany and China. Germany accounted for about one third of China's total trade with the European Union during the period.
Lisa O’Connor, RMB Director at SWIFT says, “Mid last year, China and Germany said that both sides would support financial institutions and companies in the use of RMB and EUR in bilateral trade and investments. Our data shows, especially the weight of customer payments – a good proxy to imports and exports – that the RMB has gained in popularity for trade settlement.”
Compared to April 2013, the RMB remained stable in its position as #13 payment currency of the world, with a record high market share of 0.84% from 0.69%. Overall, RMB payments increased in value by 24.1% in May versus April when all currencies only increased by 1.9%.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
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 email@example.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.
Tel: +852 2107 8873
Tel: +852 2973 0222