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RMB Tracker March 2015

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RMB Tracker March 2015

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RMB Tracker March 2015

  1. 1. RMB Tracker March 2015
  2. 2. RMB Tracker – What is it? Monthly reporting and statistics on renminbi (RMB) progress towards becoming an international currency. 2
  3. 3. 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 month.
  4. 4. RMB payments in the world split per countries Value sent and received with the rest of the world RMB internationalisation is increasingly fuelled by offshore countries beyond Hong Kong +8% Top 10 RMB countries by weight - February 2015 Payments value sent and received with the rest of the world Source: SWIFT Watch Offshore countries
  5. 5. Source: SWIFT Watch RMB as world payments currency in value Customer initiated and institutional payments. Inbound + Outbound traffic. Based on value.
  6. 6. RMB payments evolution Customer initiated and institutional payments. Inbound + Outbound traffic. Based on value. 4% 26% Jul- 14 70% 3% 27% Jun- 14 71% 4% 20% Aug- 13 77% 4% 19% Jul- 13 77% 4% 19% Jun- 13 78% 4% 18% May- 13 77% 4% 19% Apr- 13 78% 4% 18% Mar- 13 79% 4% 17% Feb- 13 79% 4% 17% Jan- 13 79% 5% 17% 3% 26% May- 14 71% 3% 26% Apr- 14 72% 3% 26% Mar- 14 72% 4% 26% Aug- 14 3% 25% Feb- 14 72% 3% 25% Jan- 14 73% 3% 24% Dec- 13 74% 4% 23% Nov- 13 74% 4% 22% Oct- 13 75% 4% 21% Sep- 13 75% 3% 26% Dec-14 71% 69% 3% 28% 72% Feb-15Jan-15 25% 3% 70% 70% Sep- 14 27% Nov- 14 69% 3% 28% Oct- 14 70% 3% Source: SWIFT Watch
  7. 7. 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 7 Business Intelligence Transaction Banking #SWIFTBI Key resources for more information: - RMB Package - Business Intelligence solutions

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