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Tiny Luxembourg grows into yuan payments powerhouse
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LUXEMBOURG ranked eighth in the world for Chinese yuan payments value excluding China in July, making it the second-highest-placed country in Europe behind France at sixth, private report showed.
More than 58 percent of the payments value between Luxembourg and China was denominated in yuan in July, up from 42 percent a year ago, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) said in an emailed report today.
SWIFT is a Brussels-based messaging service provider for over 10,000 financial institutions across the world.
Luxembourg’s yuan payments value grew by 86 percent over the past 12 months, which was mainly driven by financial transfers, accounting for 88 percent of all payments value done in July, said the report.
“Luxembourg’s number two ranking in the Eurozone for yuan payments is not surprising, with close to 40 yuan-denominated bonds listed on the Luxembourg Stock Exchange and a strong presence of Chinese banks,” Patrick de Courcy, deputy chief executive at SWIFT for Asia Pacific, said in the report.
“It will be interesting to watch future developments as Luxembourg builds on its position as a leading international yuan center in the Euro area.”
The Chinese remained the 11th payment currency of the world last month, with the same market share of 0.87 percent compare to the previous month. Overall, yuan payments increased in value by 5.1 percent in July, while the growth for all payments currencies was at 5.4 percent.
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