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Over 1000 banks around the world use RMB for payments with China

Over 1000 banks around the world use RMB for payments with China

(30 June 2015 – Global) New data has shown the growth in renminbi (RMB) payments is supported by over 1000 banks throughout the world.

SWIFT found in May, 1081 financial institutions used the RMB for payments with China and Hong Kong, representing 35 percent of all institutions exchanging payments with the latter across all currencies.

This is a 22 percent increase in the number of institutions using the RMB and a 6 percent increase in adoption, up from 29 percent two years ago.

In May 2015, RMB adoption for payments by financial institutions in Asia Pacific increased to 37 percent from 33 percent in May 2013.

During the same time period, the Americas experienced even stronger growth with financial institutions increasing their use of the RMB for payments by 10 percent, leading to 37 percent adoption.

Europe follows closely with 33 percent adoption and Africa - Middle East with 28 percent.

"Every month we witness new proof of global RMB adoption", said Michael Moon, head of Payments, Asia Pacific, SWIFT.

"The number of banks that use RMB for payments with China and Hong Kong is a key internationalization indicator.

“This large number also shows that many banks, across the globe, may have an interest in connectivity to the China International Payment System that China will launch by end of the year".

Overall, the RMB strengthened its position as the fifth most active currency for global payments in value and accounted for 2.18 percent of payments worldwide in May 2015.

Although all currencies decreased in value by 3.1 percent, RMB payments increased in value by 1.99 percent compared to April 2015 which leads to its record high share in global payments.

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