RMB One Step Away From Top 10 World Payments Currency

In June, the CNY gained two places in the ranking of world payments currencies to move one step closer to the top 10. According to SWIFT, CNY is now ranked #11 as payments currency in June 2013, with an all-time high market share of 0.87%, overtaking the Thai Bhat (THB) and the Norwegian Krone (NOK).

 

RMB is currently at the same level in value as the Hong Kong Dollar (HKD) was in February 2013.

 

"The RMB continues to grow in relation to other currencies," says Patrick de Courcy, Head of Markets, Asia Pacific at SWIFT. "In comparison to other months, we have seen the global payments currencies in value decrease by 4.5% in June, whereas the RMB only decreased by 1.3%. The continuous growth of RMB payments coming from key markets, such as the United Kingdom, further supports the international use of the Chinese currency.

 

According to the SWIFT RMB Tracker, over the past 2 years the CNY's market share has increased by more than threefold whereas other Asian currencies stayed flat.

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