101 Countries Using RMB for Payments with Mainland China and Hong Kong
The latest RMB Tracker shows that during the last two years (October 2014 – September 2016), seven new countries are now using the RMB for more than 10% of their direct payments by value with Mainland China and Hong Kong, bringing the total to 57 countries worldwide. The 10% milestone, also known as ‘crossing the RMB river’, is a threshold set by SWIFT to measure the adoption of RMB payments by value with Mainland China and Hong Kong compared to other currencies. Among the 101 countries using the RMB for payments, the weight of these payments by value reached 12.9%, giving the currency a nearly 2% increase since October 2014 (11.2%).
Overall, the RMB kept its position as the fifth most active currency for global payments by value, with an increased share of 2.03%, compared to 1.86% last month. In September 2016, the value of RMB global payments value increased by 10.02% compared to August 2016, which is higher than the average growth of 0.93% for all currencies.
– PRNewswire