Renminbi's global share of payments drops
But the Chinese currency is being increasingly adopted to settle transactions with China and Hong Kong
Global use of the renminbi for payments declined in February to its lowest level since October 2014 – a symptom of the slowdown in the internationalisation of the Chinese currency, according to payments infrastructure company Swift.
The renminbi's share of global payments by value was 1.76% last month, showing a drop of 27.35% from the level registered in January. Payments across all currencies decreased in value by 1.3% over the same period, data shows.
"The global volume of payments in
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe
You are currently unable to print this content. Please contact customer services - www.fx-markets.com/static/contact-us to find out more.
You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@fx-markets.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@fx-markets.com
More on Payments
IBM: interbank currency blockchains should address emerging markets
Banks and fintechs, including USC consortium, vie to build distributed networks for FX transactions
Swift announces trials with ECB instant payment system
Linking ‘Swift gpi’ to ECB’s Tips will greatly reduce settlement delays, consortium says
Philippines joins regional payment settlement network
Malaysia, Indonesia and Thailand already in system that aims to spur local FX markets
Beyond payments: central bank digital currencies
Issuance of central bank digital currencies could facilitate monetary policy beyond ZLB
Caxton FX to provide open banking payments
Customers will be able to make international payments directly from its platform
Renminbi payments hold steady in June – Swift
China’s currency keeps its fifth most-used currency spot for global payments, according to Swift
Renminbi’s share of global payments slides in February
It falls two places to become the seventh most-used currency for global payments, according to Swift
Renminbi payments drop in December
The Chinese currency is once again the fifth most-used for global payments – Swift
