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Yuan continues rise as currency for cross-border payments
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THE yuan became the second most used currency for cross-border payments with China’s mainland and Hong Kong last month after the US dollar, a private report showed.
In May, 12 percent of cross-border payments with China’s mainland and Hong Kong were done using the yuan. The US dollar remained in the top position, with the Hong Kong dollar following close behind the yuan, Brussels-based Society for Worldwide Interbank Financial Telecommunication (SWIFT) said in a report today.
“Hong Kong has the most established and largest yuan corridor with China’s mainland, but as other financial centers, such as London, Singapore and Frankfurt, establish the necessary infrastructure and agreements to support yuan transactions, we will see the yuan grow significantly in these markets,” Alain Raes, chief executive of SWIFT for Asia Pacific, Europe, the Middle East and Africa, said in the report.
Overall, the yuan held its position as the seventh most used global payments currency and accounted for 1.47 percent of global payments, up from 1.43 percent in April.
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