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U.S. is now in third place for RMB payments value

Nurdianah Md Nur | June 9, 2014
The RMB payments value in the U.S. to China and Hong Kong soared by 229 percent between April 2013 and April 2014.

The United States' Renminbi (RMB) payments value has increased by 327 percent between April 2013 and April 2014, according to Society for Worldwide Interbank Financial Telecommunication (SWIFT), a secure network provider for financial institutions.

This places the United States at third place in the world for RMB payments value, excluding China and Hong Kong.

Michael Moon, head of payments for Asia Pacific at SWIFT, said the data suggests that the "United States is increasingly using the RMB to support its corporate that want to reach more suppliers in mainland China." This is further supported by the fact that RMB payments value in the United States to China and Hong Kong corridor grew by 229 percent between April 2013 and April 2014 and accounted for 2.4 percent of all payments value as for 30 April 2014.

RMB Payments increase
Credit: SWIFT. U.S. is increasingly using the RMB. Click on image to enlarge.

On the global payments currency scale, RMB rose from thirteenth place in January 2013 to seventh place in April 2014 as it accounted for 1.43 percent of global payments in the latter. 

RMB world payment
Credit: SWIFT. RMB rose by six places as a global payment currency from January 2013 to April 2014. Click on image to enlarge.

 

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