RMB payments have soared by 32.6% in the four
week to the end of February, the latest SWIFT RMB Tracker
shows.
This rise have put the Chinese currency at
number 17 in the world’s most used currencies for payments. The RMB
was world currency number 20 in January.
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The share of the RMB in world payments volume
now stands at 0.33%, up from 0.25% in January.
However, RMB payments with Australia have
dropped and now account for just 1.9% of all payments made between
Australia, China and Hong Kong. In January, this rate was 3.1%.
The average rate for RMB payments exchanged
across currencies in Asia, excluding Hong Kong and China, is
6.6%.
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