HSBC’s Kee Joo Wong comments on SWIFT July RMB Tracker

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Data from SWIFT’s RMB Tracker for June shows that despite continued growth globally, the Canadian dollar has overtaken the RMB with a 1.96% share of world payments currencies, leaving the RMB at position number six with a 1.72% share. The data marks a gradual, but expected, slowdown for the currency in 2016 as it continues on its path to internationalisation. In spite of this trend, and as of June 2016, more than 1,800 financial institutions worldwide are using the RMB for payments (with or without China and Hong Kong), representing a 12% increase compared to the same month last year.

“The appetite for using the RMB to make international payments among financial institutions remains firmly on the rise, reflecting the increasing acceptance of the RMB as a true global currency,” HSBC’s Kee Joo Wong, Regional Head of Global Liquidity and Cash Management Asia-Pacific, said.

“We expect this trend of global participation to continue as China further builds out the clearing infrastructure to support the use of the RMB and continues to implement liberalisation measures that will serve to strengthen the currency’s appeal to corporate users in future.”

Read our news item about SWIFT’s latest RMB Tracker here.