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RMB adoption on the rise: SWIFT RMB Tracker

Zafar Anjum | May 27, 2013
Forty- seven countries use RMB for more than 10 percent of their payments with China and Hong Kong

Of the 160 countries that exchanged payments with China and Hong Kong in April 2013, 47 of them had at least 10 percent of their payments value in renminbi (RMB), according to SWIFT.

SWIFT is a member-owned global cooperative that provides the communications platform, products and services to connect more than 10,000 banking and financial organizations.

There has been a 9 percent increase in the number of countries crossing the RMB river for their payments with China and Hong Kong, since July 2012, said SWIFT in a statement. 

 During the last nine months (July 2012 - April 2013), 16 more countries are now using the RMB for more than 10 percent of their payments with China and Hong Kong. The growth has brought the total to 47 countries worldwide.

SWIFT's RMB Tracker also shows that Italy and Russia are now amongst some of the strongest adopters of the RMB, much like the United Kingdom, Singapore and Taiwan.

"The big increase in countries with substantial RMB volumes is a good indicator that the currency has become more internationalised," said Lisa O'Connor, RMB director at SWIFT. "This also presents business opportunities for those banks with RMB business intelligence and product capabilities in those countries".

Compared to March 2013, the RMB remains stable in its position as #13 payment currency of the world.

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.

 

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