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.
- Renminbi’s Share of Global Payments Falls (The Asset)
- Asia at a Crossroads: Demographics, Economics & Investment (State Street)
- Bloomberg’s Misery Index’s Least Miserable Emerging Markets
- No Improvement in Asia Pacific Corporate Payments in 2015 (Coface)
- China’s Renminbi is Rapidly Displacing the US Dollar as a Trading Currency (FT)
- Moody’s Downgrades Hong Kong’s Rating to Aa2 From Aa1; Raises Outlook to Stable from Negative (Moody’s)
- The Spoils of Trade War: Asia’s Winners and Losers in US-China Clash (SCMP)
- What Hong Kong Dollar Bond Exposure Means to Investors (The Asset)
- Fund Manager Consensus: Hong Kong Needs China More Than Vice Versa (AsianInvestor)
- Sustained Growth Slowdown in China Would Spill Over to Asia-Pacific Region and Beyond (Moody’s Talk)
- Hong Kong Security Law Sparks Race for Asia’s Next Financial Capital (Nikkei Asian Review)
- Hong Kong Stocks Roar Into 2021 on Surge of Investment From China (Nikkei Asia)
- Two Systems, Zero Trust? Hong Kong’s Extradition Row Risks Business Exodus (Nikkei Asian Review)
- As US-China Relations Worsen, Expect Supply Chain Chaos (Freight Waves)
- Podcast: Our Man in Hong Kong (Robeco)
Leave a Reply