SWIFT’s November RMB Tracker reveals that RMB usage between Japan and China has more than doubled in the last two years, and that the currency is the second most active currency for payments between Japan and China.
Eiji Oyama, HSBC’s Head of Global Payments and Cash Management, Japan, commented on this announcement, explaining that it highlights the significant commercial relationship between the two countries. Mr Oyama: “This data underlines the importance of trade between China and Japan and the way in which Japanese firms are embracing trade settlement in the RMB.”
