Korea & Taiwan Use Renminbi for Majority of Payments with China & Hong Kong (The Asset)

The Asset has recently noted that SWIFT’s latest renminbi tracker shows double-digit growth for CNY cross border payments in value compared to July 2014 in several major markets in Asia with China and Hong Kong. The greatest increases in renminbi payments were registered by South Korea (+173%), Taiwan (+45%) and Singapore (+19%).

In addition, Renminbi adoption by South Korea and Taiwan for payments with China and Hong increased to 84% and 80%, respectively, for all payments across currencies while adoption by Australia and Malaysia increased to 18% and 15%, respectively. On the other hand, CNY usage by Japan (5%) and India (1%) with China and Hong Kong remains marginal. Overall, CNY adoption for payments in Asia has progressed from 24% to 33% in the last year.

In July 2015, the RMB held its position as the fifth most active currency for global payments in value with a record high share of 2.34%, a slight increase from 2.09% in June 2015. Overall, CNY payments increased in value by 8.12% in July 2015, whilst all payments currencies decreased in value by 3.84%.

To read the whole article, Korea, Taiwan use RMB for majority of payments with China, Hong Kong, go to the website of The Asset. In addition, check out our currency ETFs list.

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