The popularity of China’s renminbi surged last December, consolidating the currency’s rise past 22 others over the past three years to rank as the eighth most used for payments in the world.
Factors including its appreciation, ballooning trade volumes and the currency’s increasing attractiveness as a conduit for portfolio investments contributed to an upsurge in usage that Swift, the payments company, put at 15 per cent between November and December last year.
“The fact that between November and December 2013 other currencies grew seven per cent while the RMB grew 15 per cent . . . might suggest that use of the Chinese currency is becoming business as usual for the world’s financial institutions and corporates,” said Franck de Praetere, head of payments and trade markets for Asia- Pacific at Swift.