Europe has overtaken Asia Pacific in the use
of the Chinese renminbi for global payments in the first quarter of
2012, according to SWIFT’s latest RMB Tracker.

Aside from China and Hong Kong, Europe is the
biggest contributor to RMB offshore transactions, accounting for
47% of the payments in renminbi worldwide. Meanwhile,
Asia-Pacific’s share in RMB payments declined from 59% to 41%

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RMB represented 6.7% of all European payments
with China and Hong Kong in Q1 2012, an adoption rate slightly
lower than the 7.2% observed in transactions with Asia Pacific
countries.

However, Europe’s contribution to RMB payments
is still more significant, thanks to its bigger absolute payments
value.

The contribution in absolute value to RMB
payments from several European countries is also bigger than that
of many Asia-Pacific countries.

According to SWIFT, UK-based financial
institutions are leading the City of London to be the next major
offshore RMB centre. It did 30% of RMB payments and 46% of RMB FX
in Q4 2011, staying on par with Singapore.

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Africa and the Middle East also showed strong
adoption of the RMB, but the SWIFT report shows the overall value
is still small.

Adoption in the US and Canada was positive,
but nearly zero in Latin America.

 

Renminbi in numbers:

  • 8.6% was the average growth of global payments
    from February to March.
  • 13.2% was the RMB growth for the same period,
    with its share climbing from 0.33% to 0.35%.
  • 16 was the position RMB occupied by the RMB in
    the currency global ranking, after leaving the position 17 it was
    in February.