Global RMB Application Rate Rose By 35% To Maintain The Seventh Largest Currency Payment Position In The World

The Financial Telecommunications Association (SWIFT) released the latest RMB tracking report, which shows that the value of global Renminbi payment has increased two times in the past two years.

It shows that the renminbi ranks seventh in the world's main payment currencies, occupying 1.64% of the global payment rate, up 1.57% from July 2014.

The value of global Renminbi payment declined by 6% in August 2014 and all currencies fell by 10%, mainly due to the decline in seasonal payment activities.

In addition, the use of

The global financial institutions that have paid the mainland and Hongkong have increased by 35%, indicating that the renminbi has been widely supported worldwide as a payment currency.

SWIFT's tracking data show that more than 1/3 of the world's financial institutions have adopted Renminbi as the payment currency for the mainland and Hongkong.

Nearly 40% of Asia's applications were ahead of the rest of the world, compared with 22% in 2012.

America followed closely with 32% of its application rate, and increased by 44% in the same period.

After the Americas, the European region with an increase rate of 47% has reached 31%.

The application rate in the Middle East and Africa was 26%, an increase of 83% over the same period.

StephenGilderdale, director of SWIFT's new business development department, said: "the adoption of more financial institutions around the world will make RMB more universal in China's Hongkong, the mainland and other offshore centers.

This growth trend will bring new opportunities for the development of products and services in Renminbi.

These new products and services will help to promote wider use of RMB and improve the efficiency of RMB management.

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Liu Shiyu, vice governor of the people's Bank of China, held in Shanghai the International Symposium on "reform and deepening of the post market reform and mechanism innovation after the crisis" and the 2014 annual CCP12 special session of the general assembly, said that the construction of the RMB cross-border payment and clearing system (CIPS) in China has made significant progress and will be settled in Shanghai.

This is the first time that central bank officials clearly express the information that CIPS will settle in Shanghai.

In his speech, Liu Shiyu said: "I am very pleased to tell you that China's cross-border payment and settlement system has made significant progress, CIPS will settle in Shanghai."

The construction of CIPS is accompanied by the internationalization of RMB and the security needs of cross-border payment.

In 2012, the central bank decided to organize the development of an independent RMB cross-border payment and settlement system, further integrate the existing RMB cross-border payment and settlement channels and resources, improve the efficiency of cross-border liquidation, meet the needs of RMB business development in major time zones, enhance the security of pactions, and create a fair market competition environment.

The goal of the construction of the RMB cross-border payment system is to ensure security, stability and efficiency, and support the cross border use of RMB in all aspects, including the clearing of cross-border trade and investment of RMB, the settlement of cross-border monetary funds in the domestic financial market, and the simultaneous payment and payment of Renminbi and its currency.