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Renminbi is top currency for Asian trade with China

Renminbi3The renminbi is now the most-used currency among Asia-Pacific countries in their dealings with Greater China, says financial messaging service Swift.

The value of Asia-Pacific renminbi payments to or from China and Hong Kong has more than quadrupled since April 2012. The currency now accounts for 31% of such payments, compared with 7% three years ago.

"Big trading partners like Singapore, Taiwan and South Korea have adopted the renminbi for the majority of their payments with Greater China," says Michael Moon, head of payments Asia Pacific at Swift.

"The new appointments of four clearing centres (South Korea, Malaysia, Thailand and Australia) within the region should also have a positive impact on renminbi adoption, solidifying the important role of the currency within Asia Pacific and abroad."

The renminbi recently overtook the Canadian and Australian dollars to become the fifth most-used payment currency worldwide, according to Swift. However, it still only accounts for about 2% of global payments . The US dollar and the euro together account for more than 70%.

©2015 funds globla asia

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