Offshore RMB, European Territory Is Emerging, Global Payment Is 10%.

According to the latest RMB tracking released yesterday by SWIFT (Global Bank Financial Telecommunication Association), as of July 2014, Europe accounted for 10% of the global value of the renminbi.

Since July 2013, the direct payment of RMB between Europe and China and Hongkong has increased by 105%, and the amount of RMB usage is showing a considerable upward trend.

In fact, the vigorous growth of the offshore renminbi market is inseparable from the growing cross-border trade drive, and the upcoming Shanghai Hong Kong Tong and the Free Trade Zone gold international board will also become the latest catalyst for RMB internationalization.

In the past year, four European countries have become the ten largest offshore market in the RMB (excluding China and Hongkong).

Among them, the United Kingdom led a growth of 123.6% between July 2013 and July 2014, followed by Germany (116%), France (43.5%) and Luxemburg (up 41.9%).

"For most of these European trade hubs, the main trading partner of the renminbi is still the Greater China region.

However, the share of offshore offshore capital flows in some countries such as Luxemburg has increased, and their business seems to have changed markedly.

In the future,

Internationalization, we expect full offshore capital flows to contribute gradually.

SWIFT Asia Pacific payment marketing director Michael Moon said.

In the past year,

A series of measures such as the strengthening of cooperation between the authorities and financial institutions and European countries, including the authorization of RMB clearing banks, have promoted the RMB trade activities in these countries.

After the RMB clearing bank has landed in London and Frankfurt in Germany, the people's Bank of China has signed a memorandum of understanding with the Bank of France and Luxemburg central bank at the end of June.

"Following

After Germany, we may see similar trends in France, Luxemburg and even Switzerland.

In July, the bilateral currency swap agreement signed between the people's Bank of China and the Swiss National Bank allowed Switzerland to join the new Renminbi trading hub in Europe, "Moon said.

Since its start in Hongkong in July 2010, the offshore RMB trading center has been sought after by the major financial cities in the world, and Europe is most likely to become the second largest offshore RMB market outside Asia, connecting Asia and the Americas time zone to achieve RMB 24 hour trading.

Because of different basic needs, offshore RMB market in these countries has different positions and focuses.

At the same time, bilateral capital market access will also be relaxed.

European investors can participate in the offshore renminbi capital market through the RQFII and interbank bond markets, and Chinese investors will be allowed to enter the capital markets of London and Frankfurt.