Renminbi overtakes the Euro as trade finance currency
Latest Swift statistics from October 2013 show that the Chinese currency renminbi has overtaken the Euro as a trade finance currency. The RMB now ranks second worldwide with a share of 8.66%.
The Euro dropped to 6.64% (7.87% in January 2012). With 81.08% of trade settled in USD, the USD is still the main trade currency by far. However, recent developments clearly show the increasing importance of the renminbi as a world currency, although the Chinese government hasn’t opened up capital accounts yet. The renminbi now ranks 12th as a world payments currency, stepping up 8 places compared to January 2012.