RMB Tracker – What is it?
Monthly reporting and
statistics on renminbi
towards becoming an
March RMB Tracker:
3Source: SWIFT Watch
• When it comes to handling global payments in
Chinese Renminbi (‘RMB’), Hong Kong still takes the
lion’s share, with over 70% of the market by value.
However, over the last two years, an additional set of
countries have given chase and gradually increased
their share to 25% in February 2015 compared to 17%
two years ago.
• In the last few months, there has also been
acceleration in RMB usage with the emergence of
other offshore RMB clearing centres worldwide,
including several countries outside of Asia-Pacific.
These additional clearing centres include Bangkok,
Doha, Frankfurt, Kuala Lumpur, Luxembourg, Paris,
Seoul, Toronto and more recently Sydney. They
represent the largest share of offshore countries,
excluding Hong Kong, using RMB for payments.
• In February 2015, the RMB fell back to position #7 as
world payments currency with a share of 1.81%. This
represents a decrease of 20.4% compared to last
month likely due to the seasonal effect of the Chinese
New Year. Payments across currencies by value
decreased by 9.3% in that same period. The overall
negative trend may be due to February being a shorter
RMB payments in the world split per countries
Value sent and received with the rest of the world
fuelled by offshore
Top 10 RMB countries by weight - February 2015
Payments value sent and received with the rest of the world
Source: SWIFT Watch
Source: SWIFT Watch
RMB as world payments currency in value
Customer initiated and institutional payments. Inbound + Outbound traffic. Based on value.
Want to know more?
SWIFT enables YOU to gain unique insights at any time on the RMB
progresses in becoming an international currency:
- Market intelligence
- Your financial institution activity
- Your activity share and/or peer benchmark
Business Intelligence Transaction Banking
Key resources for more information:
- RMB Package
- Business Intelligence solutions