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Yuan payments value rises 248% in Australia
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AUSTRALIA'S yuan payments value increased 248 percent in the 12 months through February, a private reported showed.
In February, 14.2 percent of payments between Australia and China were in the Chinese currency compared to 7.7 percent the previous year and only 1.9 percent in February 2012, Brussels-based Society for Worldwide Interbank Financial Telecommunication (SWIFT) said in a report today.
Australia ranked sixth globally in terms of the value of yuan payments, excluding China's mainland and Hong Kong, according to the report.
Bill Doran, head of Oceania for SWIFT, said: “Ninety-eight percent of these payments in value are institutional, as opposed to payments sent by banks on behalf of their customers, which makes up the remaining 2 percent. This is most likely a reflection of the yuan mainly being used for investments and foreign exchange activities, rather than trade settlement. Given the strong trade relationship between China and Australia, we expect to see direct customer payments in this country grow as well.”
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