SWIFT Currency Tracker Illustrates Sizable MoM Decline in RMB Usage
Posted: Thu Mar 31, 2016 10:44 am
SWIFT, a global provider of financial messaging services, has reported its data for its monthly RMB tracker, which notched double-digit growth in usage across global financial institutions over the past two years, according to a SWIFT statement.
For the month ending February 2016 however, the RMB remains the fifth most active currency for payments in the world by value with a share of 1.76%. However, this justified a decrease of -27.5% MoM when weighed against January 2016.
In particular, SWIFT’s RMB Tracker illustrated an 18% increase in RMB usage during February by financial institutions worldwide for payments with China and Hong Kong. ... (read more)