16 February 2019

Europe sees 163% rise in RMB customer payments, SWIFT says

Yuan-denominated customer payments — a proxy for renminbi trade settlement — leapt 163 percent over the past 12 months in Europe, financial cooperative SWIFT said in a statement Tuesday. The pace far surpassed the 109 percent rise in the Asia Pacific region, excluding China and Hong Kong. In September, the Chinese currency was the world’s 12th most widely used unit for global payment. Yuan-denominated payments expanded 4.6 percent in terms of value last month, well above the 1.2 percent growth for all payments currencies, according to Belgium-based SWIFT, which provides transaction messaging platforms for banks, brokerages and corporates.

– Contact HKEJ at [email protected]


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