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Over 35% of the Global Financial Institutions Use RMB as the Payment Currency with China
Source: Fair News        Time:2015-08-06 [ BACK ]

Over 35% of the Global Financial Institutions Use RMB as the Payment Currency with China

       According to the recent data issued by the international fund settlement institution “Society for Worldwide Interbank Financial Telecommunication (SWIFT)”, by the end of May, 2015, about 35% of the global financial institutions had used RMB as the payment currency with China, increasing by 6% compared with May, 2013.


Society for Worldwide Interbank Financial Telecommunication (SWIFT), established in 1973, is a cooperative association of the international financial industry, which provides message and interface services for the cross-border business of the international financial institutions. All the 15 offshore RMB centers in the world complete their cross-border RMB settlements through SWIFT system. It is introduced that in May, 2015, the total RMB payment amount covers 2.18% of the total amount of currency payment in the world and RMB continues to be the fifth payment currency of the world. In November, 2014, RMB ranked the fifth payment currency in the world for the first time, beyond Canadian dollar and Australian dollar and after USD, Euro, Pound and Japanese Yen.