The SWIFT RMB Tracker shows that RMB is now the 8th most traded currency in the world with a 1.49% market share in August 2013, up from 11th position and 0.92% market share in January 2012. In that period, RMB FX trading value increased by 113% and the Chinese Renminbi overtook the Swedish Krona, Korean Won and Russian Rouble.
"SWIFT data shows that 60% of the RMB FX trading activity is done out of the United Kingdom - a reflection of the strong position London has in the global FX market," says Patrick de Courcy, Deputy Chief Executive and Head of Markets & Initiatives, Asia Pacific at SWIFT.
The United States is second in global RMB FX trading, while France - the leading Eurozone country in exchanging RMB payments (see April Tracker) - overtook Singapore in June 2013."
As world payments currency, the RMB fell one position to No. 12 in August 2013, with a market share of 0.84% compared to 0.87% in July 2013 - with the Thai Bhat now taking 11th place.