Institutions using renminbi payments up 60% year-on-year
The number of institutions using the renminbi for trade settlement surged by 60% to 983 in June, compared with the corresponding month in 2011, according to data published by Swift, the financial messaging operator.
Swift says the growth in the renminbi largely results from institutional payments. This was indicated by a 68% rise in the number of renminbi relationships at the top five renminbi payment banks, which rose to 153 from 91 in June 2011.
Swift adds that the number of countries
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