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.
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.