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Luxembourg now Second Highest Euro Country in RMB payments

Luxembourg now Second Highest Euro Country in RMB payments

27 August 2013

Brussels, 27 August 2013 – Luxembourg is ranked #8 in the world for RMB payments value (excluding China and Hong Kong) in July 2013, making it the second highest placed Euro country behind France at position #6 (see April Tracker).

Luxembourg growth over the last year is significant with an increase of 86% in RMB payments value. It is mainly driven by financial transfers representing 88% of all payments value done in July 2013. More than 58% of the payments value between Luxembourg and China / Hong Kong is denominated in RMB in July 2013 compared to 42% in July 2012.

Patrick de Courcy, Deputy Chief Executive and Head of Markets & Initiatives, Asia Pacific at SWIFT says: “Luxembourg’s number two ranking in the Eurozone for RMB payments is not surprising, with close to forty RMB denominated bonds listed on the Luxembourg Stock Exchange and a strong presence of Chinese banks. It will be interesting to watch future developments as Luxembourg builds on its position as a leading international Renminbi centre in the Euro area.”

In July 2013, the RMB remained stable in its position as the #11 payments currency of the world, with the same market share of 0.87% compare to previous month. Overall, RMB payments increased in value by 5.1% in July 2013, whilst the growth for all payments currencies was at 5.4%.

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.

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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 (select ‘Banks on SWIFT') or e-mail

For more information about RMB Internationalisation, please visit 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.

Ernest Chan
Head of Media Relations,
Asia Pacific,
Tel: +852 2107 8873

Rosemary Merz
Bite Communications
Tel: +852 2973 0222