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      Renminbi now 8th most-used currency worldwide

      Renminbi now 8th most-used currency worldwide

      In November and December 2013, the Chinese renminbi moved up into the top ten of most-used currencies for payments worldwide. With a share of 1.12%, it ranks now 8, closely followed by the Kong Kong Dollar.

      This is a significant change from its initial position of 20, illustrating the development and evolution of the renminbi as an international investment currency. With a growth of 15% in November and December, the renminbi performed much stronger than other currencies that grew on average by 7%. Now, it's the financial markets’ turn to come up with a variety of RMB cross-border transaction tools, so that the renminbi can spread further.

      Read more on Swift.