There was a decline in RMB payments for the second consecutive month in October, leading to the Chinese currency being demoted to No. 16 in Swift's world currency payment table.
According to Swift, RMB payments reduced by 10% while other countries increased by 9.3%, compared to September 2012.
October also saw the payment gap widening between the top 5 RMB countries (excluding China and Hong Kong) - United Kingdom payments rose by 3.9% and others declining, with Singapore declining by 22.7%.
Institutional transfers, as opposed to trade settlement, are driving the adoption of the RMB, representing 98% of the total payments value for United Kingdom and 94% for Singapore in October 2012.