Value of RMB Payments Increased 17-fold Since October 2010, According to SWIFT
This month’s SWIFT Renminbi (RMB) Tracker takes a look at the growth of the RMB for offshore payments since October 2010 (when SWIFT began extracting the currency and value of certain message types). Compared to any other top 20 payments currency, RMB has had the most spectacular growth and continues its monthly progression.
Offshore RMB payments grew in value by 17.4 times from October 2010 to June 2012. No other currency had such a steep increase during this period. Overall, payments across currencies grew by 1.1 times. As a result, RMB jumped from position 35 in October 2010 to position 16 in June 2012 in the list of most used world payments currencies, ready to overtake the South African rand (ZAR) currently at number 15.
In addition, SWIFT saw a 40% to 60% increase in the number of countries and institutions processing RMB payments from June 2011 to June 2012. Top RMB payments banks increased the number of RMB relationships by 68% in that same period, from an average of 91 to 153 correspondents. This is another good indication for growing international adoption.