RMB gains larger share in international payment: SWIFT

BEIJING (XINHUA) – The Chinese currency renminbi (RMB), or the yuan, has retained its spot as the fifth most attractive currency for global payments by value in January but with a larger share as a global payment currency, said the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of financial messaging services.

In January, the RMB’s share in global payment accounted for 2.42 per cent, up from the 2.15-per-cent share in the same period in 2019, showed a monthly report published by the SWIFT.

Value of RMB payments increased by 21.34 per cent last month compared with that of December 2020, while in general all payments currencies decreased by 5.86 per cent, the report added.

The Hong Kong Special Administrative Region is the largest market for offshore RMB transactions, taking up 75.93 per cent, followed by the economies of the United Kingdom, Singapore and the United States, according to the report.

A Chinese bank worker counts the stacks of CNY100 notes at a bank in Huaibei, east China’s Anhui. PHOTO: AFP