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Yuan-backed customer payment booms in Europe
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Growth of customer payments in yuan was strong in Europe during the third quarter, putting the region on a path to overtake Asia in the adoption of the Chinese currency, according to a SWIFT RMB Tracker report unveiled today.
Recent data showed that as a good proxy for trade settlement, customer payments in yuan grew 163 percent in Europe over the last year, much higher than the 109 percent in Asia excluding China. Growth in Europe was particularly strong in the third quarter of this year, bringing Europe in absolute value almost at par with Asia, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) said in the monthly RMB Tracker report today.
Within Asia, the growth in the value of yuan payments was mainly driven by Taiwan and Singapore, with adoption remaining relatively low in Australia and Japan.
“Our business intelligence indicates that China's major trade partners in Europe are now embracing the yuan for trade settlement,” Patrick de Courcy, deputy chief executive and head of Markets and Initiatives at SWIFT for Asia Pacific, said in the report.
“It is ‘game-one’ for those banks, as not all are capturing this emerging yuan business to the same extent. Back in Asia, recent initiatives, for example, by the Monetary Authority of Singapore to strengthen China-Singapore financial cooperation may help to increase adoption of offshore yuan by financial institutions in this region.”
The yuan remained stable in its position as the 12th payments currency of the world last month, with an increased market share of 0.86 percent compared to 0.84 percent in August. Overall, yuan payments increased in value by 4.6 percent in September, whilst the growth for all payments currencies was at 1.2 percent, according to SWIFT.
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