Renminbi consolidates its position as key payment currency
The Renminbi remained the world's No. 5 most-used payment currency in January 2015, trailing only the US dollar (USD), the euro (EUR), the British pound (GBP) and the Japanese yen (see the image). 2.2% of global SWIFT pa…
The Renminbi remained the world's No. 5 most-used payment currency in January 2015, trailing only the US dollar (USD), the euro (EUR), the British pound (GBP) and the Japanese yen (see the image). 2.2% of global SWIFT payments are now denominated in CNY, up from just 0.7% in January 2013.
Tracking only international flows - the Renminbi remains in the No. 8 spot for SWIFT flows, with a share of c.1.4% (up from 1.2% in October 2014).
Standard Chartered Bank notes in a report on Monday:
We expect the Renminbi's share of international payments to increase in line with China's position as a key global trading power.
China accounts for over 11% of global trade but only c.1.4% of international payment flows. This share is set to rise with greater international acknowledgement of the Renminbi as a trade currency.
We forecast that the Renminbi will replace the JPY as a G4 currency by 2020.
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