RMB goes to Number 8 in global transaction payments

BEIJING – The renminbi ranked Number 8 for transactions in the global payments system in December, according to SWIFT (the Society for Worldwide Interbank Financial Telecommunication). It jumped four places from October and had a 1.12% market share, SWIFT said.

Usage of the renminbi in November and December rose 15%, while other currencies gained 7%, Franck de Praetere, head of payments and trade markets for Asia-Pacific at SWIFT, said.

Responding to the announcement, John Laurens, Regional Head of Global Payments and Cash Management, HSBC Asia Pacific, said HSBC expected that, within the next five years, the RMB would become convertible.

It is essential that international treasurers remain attuned to RMB developments as part of their global liquidity strategy in order to capitalise on the opportunities the currency provides,” he said (ATI).