Swift’s renminbi tracker shows the Chinese currency has entered the top four of world payment currencies by value in August 2015, overtaking the Japanese yen and reaching a record high share of 2.79% in global payments.
In the last three years, the renminbi has overtaken seven currencies rising from position number 12 with a share of 0.84% in August 2012. The currency has also further established itself as the dominant currency for trade finance behind the US dollar.
With Sibos taking place in Singapore, the top renminbi clearing centre after Hong Kong, Swift has produced a special edition of the RMB Tracker which provides an updated and consolidated overview of the Renminbi’s rise as an international currency.
"In overtaking the yen to break into the world's top four payment currencies, the renminbi has passed another milestone in its rapid evolution and now looks set to become the leading global currency from Asia. Growing use of the renminbi for cross-border trade and investment shows that demand isn't simply driven by China's domestic markets but that the currency's becoming deeply embedded into the international economy."
