SWIFT publishes a special edition of RMB Tracker for Sibos.
Brussels, 6 October 2015 - SWIFT's RMB Tracker shows the currency has entered the top four of world payment currencies by value in August 2015, overtaking the Japanese Yen and reaching a record high share of 2.79% in global payments. In the last three years, the RMB has overtaken seven currencies rising from position number 12 with a share of 0.84% in August 2012. The currency has also further established itself as the dominant currency for trade finance behind the USD.
With Sibos taking place in Singapore, the top RMB clearing center after Hong Kong, SWIFT has produced a special edition of the RMB Tracker which provides an updated and consolidated overview of the Renminbi's rise as an international currency. Combined with SWIFT's insights, the report also contains commentary from financial industry experts reflecting on the evolution of the RMB and how its use will develop moving forward.
Highlights of the Sibos special edition RMB Tracker report include:
- Number one for Asia Pacific intra-regional payments with China and Hong Kong
- Number four as an international payments currency by value
- Singapore remains the number one clearing center for RMB after Hong Kong
- 1,134 banks use RMB for payments with China and Hong Kong
- Number two for global issuance of Letters of Credit by value
- Foreign exchange transactions in RMB by value reached over one million in August 2015
"With Sibos taking place in Singapore next week, it is the perfect time to take a detailed look at the internationalization of RMB usage", says Michael Moon, Head of Payments, Asia Pacific, SWIFT. "The Special Edition RMB Tracker report confirms that 2015 has seen a big shift in the RMB becoming a "business as usual" payment currency. The use of additional offshore clearing centers outside of Hong Kong has played a key role in driving RMB adoption, with most showing impressive growth in volume."
Sibos takes place in Singapore on 12-15 October. To view the full report, please click here.
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.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organisations, securities institutions and corporate customers in over 200 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.
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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.