RMB now 8th most traded currency in the world
Brussels, 8 October 2013
Following the Bank for International Settlements report about foreign exchange (FX) turnover published in September 2013, SWIFT took a closer look at the RMB FX confirmations on its network. The SWIFT RMB Tracker shows that RMB is now the 8th most traded currency in the world with a 1.49% market share in August 2013, up from position #11 and 0.92% market share in January 2012. In that period, RMB FX trading value increased by 113% and the Chinese Renminbi overtook the Swedish Krona, Korean Won and Russian Rouble.
Patrick de Courcy, Deputy Chief Executive and Head of Markets & Initiatives, Asia Pacific at SWIFT said: "SWIFT data shows that 60% of the RMB FX trading activity is done out of the United Kingdom - a reflection of the strong position London has in the global FX market. The United States is second in global RMB FX trading, while France - the leading Eurozone country in exchanging RMB payments (see April Tracker) - overtook Singapore in June 2013."
As world payments currency, the RMB fell one position to #12 in August 2013, with a market share of 0.84% compared to 0.87% in July 2013 - with the Thai Bhat now taking place #11.
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 firstname.lastname@example.org
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.
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