Global Use of Renminbi Shows Further Growth
Thirty-one countries worldwide now use the renminbi (RMB) for at least 10% of their payments with China, according to the SWIFT RMB Tracker for July 2012.
It found that during the month the RMB moved up one position to rank 15th as the most used payments currency, with a market share of 0.45% versus 0.43% in June 2012. A year ago it was in 18th position with a 0.30% share. The RMB Tracker indicates that the RMB has overtaken the South African rand (ZAR), which remains at 0.44% and is getting closer to the Danish krone (DKK), currently at 14th position with 0.47% market share.
Of the 158 countries that had payments with China and Hong Kong in July, 20% of countries had at least 10% of their payments value in RMB. On average, 4% of all payments value with China and Hong Kong was in RMB. Strong performers were the Gulf countries, Singapore and the UK, with Canada and Germany also showing good take-up although adoption by the US, Japan and Australia remained low.
To be part of the top five payments currencies, the RMB market share has to reach 2%. The euro (EUR) and US dollar (USD) remain the main top payments currencies with shares of 43% and 31% respectively.