More NewsRMB is Third Biggest Currency in Trade Finance, According to SWIFT

RMB is Third Biggest Currency in Trade Finance, According to SWIFT

The renminbi (RMB) has seen a steady climb up the ladder as a world payments currency (with a market share of 0.34%), but more importantly it now has a 4% market share in the global issuance of letters of credit (L/Cs) by value, according to SWIFT’s RMB Tracker. This makes it one of the world’s top three currencies in this space.

  • With a market share of 4.0%, RMB is the world’s third biggest currency in the global issuance of L/Cs by value in April 2012 (year-to-date), after the US dollar (84.4%) and the euro (7.0%).
  • There’s not much movement on the payments front, RMB remained world payments currency number 16 in April 2012, with a market share of 0.34%.

The RMB Tracker shows the biggest corridors where the RMB is used in the issuance of L/Cs. The business is clearly concentrated in Asia-Pacific, with well over 50% of all L/Cs in transaction value being sent by banks in China to Hong Kong and nearly 20% going from China to Singapore.

Comments are closed.

Subscribe to get your daily business insights

Whitepapers & Resources

2021 Transaction Banking Services Survey
Banking

2021 Transaction Banking Services Survey

2y
CGI Transaction Banking Survey 2020

CGI Transaction Banking Survey 2020

4y
TIS Sanction Screening Survey Report
Payments

TIS Sanction Screening Survey Report

5y
Enhancing your strategic position: Digitalization in Treasury
Payments

Enhancing your strategic position: Digitalization in Treasury

5y
Netting: An Immersive Guide to Global Reconciliation

Netting: An Immersive Guide to Global Reconciliation

5y