Renminbi tracker of SWIFT showed rising popularity of the Chinese currency in Asia, strengthening his position to the top 1 in the region from previous fifth position three years ago.
Yuan is now the fifth mostly used currency from the global point of view, reaching 2.07% from all the world’s payments. According to SWIFT report, yuan transaction rose 327% from April 2012 to April 2015, confirming its popularity in Asia.
On average, 31% of payments in Asia Pacific with China and Hong Kong are now made in yuan, up from 7% in April 2012. This growth is led mostly by the increase of yuan usage related to trade with China and Hong Kong.
Out of 26 countries using yuan for direct payments with China and Hong Kong, only nine are considered low users (below 10% CNY transactions) compared to 19 in 2012. Six countries are now considered high users of the currency.
“Big trading partners like Singapore, Taiwan and South Korea have adopted the RMB for the majority of their payments with Greater China,” states Michael Moon, Head of Payments Asia Pacific at SWIFT. “Asia Pacific is clearly paving the way forward when it comes to RMB adoption,” he added.
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