HSBC comments on latest SWIFT RMB announcement

Published 
  • 35% of banks globally use RMB for payments with China and Hong Kong, representing a 6% increase over the last two years.
  • In May 2015, 1,081 financial institutions used the RMB for payments with China and Hong Kong.
  • This is a 22% increase in the number of institutions using the RMB and a 6% increase in adoption, up from 29% two years ago.

HSBC’s designate Head of Financial Institutions Group for Asia-Pacific, Surendra Rosha, has commented in response to SWIFT’s announcement that over 1,000 banks across the world use RMB for payments with China and Hong Kong.

“SWIFT’s data makes it clear that RMB is becoming increasingly central to the business banks do with China and Hong Kong,” said Surendra Rosha, HSBC’s designate Head of Financial Institutions Group for Asia-Pacific. “As opportunities grow for banks’ clients to use RMB in trade with China and to invest in its markets, we would expect financial institutions’ use of the currency to carry on increasing.”