SWIFT’s RMB Tracker shows that the RMB is now the most active currency used by Asia for payments with China and Hong Kong (see fuill news item here).
HSBC Global Head of RMB Internationalisation Vina Cheung comments, “Companies in Asia generally have been quicker to use renminbi (RMB), and today’s announcement from SWIFT that it is now the most actively used currency for payments within Asia to Great China is further evidence. In HSBC’s recent RMB survey of corporates, we found that usage of RMB has become a topic of debate in more than a fifth (22%) of company boardrooms around the world and that more than half of all the businesses surveyed expect to increase their cross-border trade with China in the next 12 months.”
