Search
 

RMB Cracks the Top Five

Chinese renminbi overtakes Canadian dollar to become the world's fifth most-commonly used currency for payments.

By Treasury & Risk Staff | Updated on January 28, 2015

The People’s Bank of China (PBOC) continues to focus on expanding use of the renminbi around the world, and the bank’s efforts are paying off. SWIFT announced this morning that the Chinese currency has overtaken the Canadian and Australian dollars to become the fifth-most-used currency for global payments, as measured by transaction value.

It’s been a meteoric rise. Two years ago, 0.63 percent of global payments were denominated in renminbi (RMB), putting the currency in 13th position. By December 2014, the RMB accounted for 2.17 percent of all global payments by value. Only the U.S. dollar (44.64 percent of global payments), euro (28.3 percent), British pound (7.92 percent), and Japanese yen (2.69 percent) account for more.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.