CNY accounts for 11.2% of China-world payments value

Wednesday 3 December 2014 00:23 CET | News

CNY was used in proportion of 11.2% of total payments value between China and the rest of the world in October 2014, up from 6.2% in April 2013, reports.

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.

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Keywords: CNY, value, payments , World, markets, increase, seventh, goods exchange, cross border
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce