Background:
- In March 2015, 10.2% of all direct payments between Canada and China/Hong Kong were in RMB, compared to 3.9% two years ago. This increase of +160% makes the RMB the second most active currency used by Canada for payments with China and Hong Kong after the Canadian Dollar.
- The RMB returns to its position as the fifth most active currency for global payments
- It accounted for 2.03% of payments worldwide.
- RMB payments increased in value by 33.5% in March 2015 compared to February 2015, while at a global level, all currencies increased in value by 18.9% during the same period.
In response to SWIFT’s announcement, Linda Seymour, Executive Vice President and Head of Commercial Banking, HSBC Bank Canada, has commented that the RMB is the second most active currency used by Canada for payments with China and Hong Kong.
“The increase in payments made in Asian currencies, including Renminbi, demonstrates the increasing comfort Canadian companies have transacting with the region. Canadian companies are embracing trade with Mainland China. In our recent survey, we found 62% of Canadian companies surveyed expect to increase trade with Mainland China in the next 12 months (down slightly from 74% in 2014).”
