The Chinese Currency renminbi (RMB), or the Yuan, saw its share in global payments rise in May, according to a report. The RMB’s global share was up from 2.29 percent in April to 2.54 percent last month, according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of financial messaging services. The RMB remained the fifth most active currency. Advertisement The RMB payments value gained 20.38 percent from a month ago, while in general, all payments currencies increased by 8.75 percent. In terms of international payments excluding the Eurozone, the RMB ranked 6th with a share of 1.51 percent.
China’s Hong Kong Special Administrative Region is the largest market for offshore RMB transactions, taking up 73.48 percent, followed by Britain at 5.17 percent and Singapore at 3.84 percent, according to the report.—APP
