SWIFT Announces Decline in RMB Payments

SWIFT Announces Decline in RMB Payments
26.01.2017 11:00 am

SWIFT Announces Decline in RMB Payments

SWIFT

SWIFT RMB Tracker shows an overall decline in RMB payments by value for 2016, closing out the year in sixth place among currencies used for international payments

SWIFT data shows that compared to 2015 the payments value for the RMB decreased by as much as 29.5% in 2016. The RMB’s share as an international payments currency dropped from 2.31% in December 2015 to 1.68% in December 2016, ending the year as the sixth most active currency for international payments.

RMB payments value decreased by 15.08% in December 2016 compared to November 2016, whilst overall, payments value for all currencies increased slightly by 0.67%.

“The decrease in RMB usage for payments in December may be attributed to a convergence of several events: the slowdown of the Chinese economy, the volatility of the RMB exchange rate and regulatory measures on capital outflows,” says Michael Moon, Head of Payments Markets, APAC, SWIFT. “Despite the slowdown, RMB internationalisation will continue to benefit from major financial infrastructure milestones, such as CIPS for cross-border clearing and additional RMB offshore clearing centres. These efforts, combined with a Memorandum of Understanding that was signed in 2016 between CIPS and SWIFT to grow payments traffic outside of China, will have a positive impact on the continued internationalisation of the currency.” 

 

Related News

SWIFT Tests GPI Cross-Border Payments through TARGET Instant Payments Settlement

SWIFT today announces that a group of banks are to trial instant gpi cross-border payments in Europe using the TARGET Instant Payments Settlement (TIPS) platform.

The... Read more »

SWIFT extends integrated payments toolkit

SWIFT announces the launch of an ‘in-flight’ payment investigation and resolution service, available in the cloud, in a significant... Read more »

Innotribe Shares Hints of Successful Organisations

Innotribe has released a new report examining the way innovation teams from the financial services sector are harnessing innovation within their organisations. Based on... Read more »

Worldcore payment institution binds up with BioID to present face recognition authentication at FinovateEurope 2017

Worldcore, an online based financial services provider and cloud biometrics developer BioID, revealed a joint project, in which BioID’s facial recognition technology will be... Read more »

The Innotribe Startup Challenge for Russia Is Opened

SWIFT announces today that the Innotribe Startup Challenge for Russia is open for applications. For the first time this year, Innotribe is pleased to partner with the ROSSWIFT... Read more »

The Innotribe Startup Challenge for Africa Is Opened

SWIFT Innotribe announces today that the Startup Challenge for Africa is open for applications. For the third year running, the Startup Challenge will be part of SWIFT’s ... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel