Europe takes over China in RMB payments
Europe has overtaken Asia in terms of RMB customer payments over the last year.
The latest SWIFT statistics show payments in Europe increased by 163%, whereas RMB payments in Asia increased by only 109%. The recent development signals the rising use of the renminbi in Europe as a trade currency. The renminbi still ranks 12th as a global payments currency, whereas RMB payments increased almost four times more than payments in other currencies.