Use of the renminbi in global payments fell last month, raising questions over how closely the currency’s path to internationalisation is tied to expected appreciation in the coming years.
The Chinese currency broke into the top five most used payments currencies in December, according to data from clearing system Swift, overtaking the Canadian and Australian dollars.
But in February, renminbi use dropped to 1.8 per cent of global payments from 2.2 per cent in December, figures released yesterday showed, nudging it back down to seventh in the rankings.
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