RMB now used by 40% of FIs worldwide

Almost 40% of financial institutions are now using the RMB to pay for trades with China and Hong Kong, according to the latest statistics from SWIFT. This represents an 18% increase over the last two years as the currency continues to grow in popularity among banks. The SWIFT data also shows that 24% of all offshore RMB payments done with China and Hong Kong were handled by Chinese banks with offshore branches, further evidence that China’s efforts to internationalise its currency are succeeding.

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