HSBC comments on RMB rising to 8th Global Payment Currency

Published 

Please find below a comment from John Laurens, Regional Head of Global Payments and Cash Management, HSBC Asia Pacific, in response to SWIFT’s announcement that the yuan jumped 4 places to be ranked No. 8 for transactions in the global payments system in December.

“The RMB continues to solidify its position as a global currency and we expect that within the next 5 years it will become convertible. It is essential that international treasurers remain attuned to RMB developments as part of their global liquidity strategy in order to capitalise on the opportunities the currency provides.”

Background:
Yuan Rises to No. 8 Among Global Payment Currencies, SWIFT Says
23 January 2014

China’s yuan was ranked No. 8 for transactions in the global payments system in December, according to the Society for Worldwide Interbank Financial Telecommunication.

It jumped four places from October and had a 1.12 percent market share, SWIFT said in an e-mailed statement today. Usage of the yuan, known officially as the renminbi, in November and December rose 15 percent while other currencies gained 7 percent, Franck de Praetere, head of payments and trade markets for Asia-Pacific at SWIFT, said in the statement.