According to SWIFT info, US became the fifth place in the world for RMB payments after mainland China, Hong-Kong, Singapore and UK. US flows from and to China and Hong-Kong represented 2.4% of the total and had 327% y-o-y growth in April. The RMB continues to be the seventh most traded currency after USD, EUR, GBP, JPY, CAD and AUD. The growth of US as a RMB center is important not only because for US investors but also because it introduces new time zones to RMB exchange.
“The growing adoption of RMB payments in the United States to China/Hong Kong corridor is a significant milestone that further promotes the cross border use of the currency”, says Michael Moon, Head of Payments, Asia Pacific, SWIFT. “Although the corridor remains dominated by the US dollar, data suggests that the United States is increasingly using the RMB to support its corporates that want to reach more suppliers in mainland China. This is good news for the internationalisation of the RMB as a world payments currency”.
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