Shanghai to be home of cross-border RMB transactions

Friday 20 December 2013 00:05 CET | News

A new interbank payment system is expected to be launched in Shanghai in 2014 to deal with the increasing amount of cross-border transactions in RMB, online media outlet unveils.

According to the source, Chinas central government selected Shanghai as the home of the system because of the citys leading role in global RMB transactions. Cross-border transactions have been increasing steadily in recent years, reaching USD 81 billion (492 billion CNY) in 2012, with an annual increase of almost 50%.

According to statistics from the Society for Worldwide Interbank Financial Telecommunication, RMB was the second largest currency used for trade settlements as of October 2013, with a market share of 8.66%, surpassing the EUR. But RMB as a trading currency ranked only 9th in the global foreign exchange market, according to the Bank of International Settlements.

Check out our Cross-border Ecommerce Research section here for more info on country-specific ecommerce facts & figures, preferred payment methods, risk and fraud, as well as ecommerce legislation & regulation for mature and emerging markets.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Shanghai, cross-border, e-commerce, RMB transactions, interbank payment system
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce

Industry Events