RMB Payments Decline for Second Consecutive Month

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.

Suggested Articles

Some of you might have already been aware of the news that Questex—with the aim to focus on event business—will shut down permanently all media brands in Asia…

Some advice for transitioning into an advisory role

Global risks are intensifying but the collective will to tackle them appears to be lacking. Check out this report for areas of concern