Moreover, 15 more countries are now using the CNY for more than 10% of their payment value with mainland China and Hong Kong, as compared to April 2013, according to intelligence issued by the Belgium-based global payment services company SWIFT. In total, 50 countries out of the 161 that exchanged payments with mainland China and Hong Kong in October 2014 have crossed the 10% threshold.
Since April 2013, Germany increased its CNY usage with mainland China and Hong Kong by 151%. CNY payments by Canada (up 346%) and Malaysia (up 48%) are expected to grow even further, following the latest announcements of a currency swap agreement and a memorandum of understanding (MoU) with the Chinese central bank. Overall, the CNY kept its position as the seventh-ranked payments currency in the world in October 2014, despite a decreased market share from 1.72% to 1.59%.
The SWIFT RMB Tracker, launched in September 2011, provides monthly reporting on key statistics to understand the progress made by the CNY toward becoming an international currency.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now