European hubs boost CNY internationalisation

Wednesday 27 August 2014 14:19 CET | News

Europe accounts for 10% of total CNY payments worldwide, according to intelligence coming from the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

A number of European countries have registered growth in CNY payments, such as the UK, with 123.6% growth between July 2013 and July 2014, followed by France (43.5%), Germany (116%) and Luxembourg (41.9%).

Since July 2013, European payments directly exchanged with China and Hong Kong in CNY have increased by 105%.

Michael Moon, Head of Payments and CNY, Asia Pacific at SWIFT has informed that Greater China still remains the main trading partner in CNY for the European clearing centres.

Moreover, Luxembourg has drawn attention for having an increasing share of offshore flows in CNY.

Moon has also reported that Chinese authorities and financial institutions have closed new partnerships with EU countries for turning them in official CNY clearing centres, partnerships which have boosted the Chinese currency trading activities in these countries.

Overall, the CNY has strengthened its position as the 7th most used global payments currency and has accounted for 1.57% of global payments.

In July 2014, CNY payments grew in value by 3.0% compared to June 2014. At a global level, all currencies increased in value by only 2.0% in the same month.

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Keywords: Europe, hubs, CNY, yuan, internalitional, growth, increase, China, payments processing, global payments processing
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce