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US dollar remains widely used for payments between China and US

US dollar remains widely used for payments between China and US

28 June 2016

SWIFT’s RMB Tracker shows that only 2.4% of all payments by value between the United States and China/Hong Kong are exchanged in RMB

Brussels, 28 June 2016 – Recent SWIFT data shows that RMB adoption by the United States remains relatively flat. Compared to May 2014, the United States experienced a 10.3% increase in RMB payments, but compared to last year, May 2015, the figures showed a minor decline of 1.6%.

In May 2016, the United States represented 10.5% of all offshore RMB payments by value, making the United States number four in the world, excluding China and Hong Kong. The United Kingdom stays in the top position with 23.6%, followed by Singapore (19.8%) and Taiwan (11.6%). China and Hong Kong still handled 74.9% of all RMB payments.

“Over time, we expect the United States to further strengthen its position on the RMB with the recent creation of ‘the U.S. RMB Trading and Clearing Working Group,” says Astrid Thorsen, Head of Business Intelligence Solutions, SWIFT. “The main objective of this working group is to identify, evaluate, and recommend opportunities to develop and expand the trading, clearing, and settlement of RMB in the United States. The establishment of New York as a RMB trading center would represent a significant development for the city, which would also reinforce North America’s position currently covered by the RMB offshore centre located in Toronto.”

In May 2016, the RMB held its position as the sixth ranked global payments currency by value with a share of 1.90%, a slight increase from 1.82% in April 2016. Overall, RMB payments value increased by 2.85% compared to April 2016, whilst in general all payments currencies decreased by 1.50%.


About SWIFT and RMB Internationalisation
Since 2010, SWIFT has actively supported its customers and the financial industry regarding RMB internationalisation through various publications and reports. Through its Business Intelligence Solutions team, SWIFT publishes key adoption statistics in the RMB Tracker, insights on the implications of RMB internationalisation, perspectives on RMB clearing and offshore clearing guidelines, supports bank’s commercial RMB product launches and provides in-depth analysis and business intelligence, as well as engaging with offshore clearing centres and the Chinese financial community to support the further internationalisation of the RMB.

The SWIFT network fully supports global RMB transactions, and its messaging services enable Chinese character transportation via Chinese Commercial Code (CCC) in FIN or via Chinese characters in MX (ISO 20022 messages). It offers a suite of dedicated RMB business intelligence products and services to support financial institutions and corporates. In addition, SWIFT collaborates with the community to publish the Offshore and Cross-Border RMB Best Practice Guidelines, which facilitate standardised RMB back office operations.

Please click here for more information about RMB Internationalisation or join our new ‘Business Intelligence Transaction Banking’ LinkedIn group.

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SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services.

We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and financial crime compliance.

Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way.  As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies.

Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.

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SWIFT does not guarantee the fitness for purpose, completeness, or accuracy of the RMB Tracker, and reserves the right to rectify past RMB Tracker data. SWIFT provides the RMB Tracker on an 'as is' basis, and for information purposes only. As a mere informative publication, the RMB Tracker is not meant to provide any recommendation or advice. Any person consulting the RMB Tracker remains solely and fully responsible for all decisions based, in full or in part, on RMB Tracker data. SWIFT disclaims all liability regarding a person’s use of the RMB Tracker. The RMB Tracker is a SWIFT publication. SWIFT © 2016. All rights reserved.