China’s share of total payments processed on the Swift network continues to edge up. As of February 2015, the yuan accounted for 1.8 percent of total payments, up from 1.4 percent a year earlier. That makes the yuan the seventh most used global currency, fractionally behind the Canadian dollar and the Swiss franc. The jump to overtake the Japanese yen, which accounts for 2.8 percent of global payments, may take a while longer.
achievements since 2010
Currency Usage In Global Money Transfers
1 .8°/ o
Hong Kong Dollar
The yuan is the seventh most used currency in
global money transfers with 1.81 percent of
world payments as of February, according to the
Society for Worldwide International Financial
The proportion of China’s trade that is settled in
yuan has risen to about 20 percent from 7 percent
5 years ago
More than 30 central banks are believed to have
started investing in Chinese onshore bonds, with
even more central banks involved in offshore RMB
bond investments, according to a Standard
Chartered report last year.
Publicly-known PBOC quota holders include the
central banks of Australia, Austria, Hong Kong,
Indonesia, Japan, Korea, Malaysia, Nepal, Pakistan
and South Africa as well as the World Bank.
The People's Bank of China had established
CNY-denominated swap arrangements with 24
central banks totaling 2.6 trillian yuan ($424 billion)
as of May, according to Asifma.
Offshore yuan trading has been expanded from
Hong Kong to financial centers across the world -
including Macao, Seoul, Singapore, Sydney and
Taipei in Asia-Pacific; Frankfurt, London,
Luxembourg, Moscow and Paris in Europe; and
Toronto in North America. More are in the works.
Foreign investors can trade Shanghai-listed
stocks through Hong Kong’s exchange, and
overseas funds have greater access to Chinese
stocks and bonds.
Offshore RMB bonds are issues by a wide range of
multinational companies, no longer a niche market
primarily used by Chinese corporations.
Yuan convertability is being
Shanghai free trade zone.
Source: Bloomberg Intelligence