RMB jumps to 8th spot as most traded currency in the world

Market share is now up to 1.49%.

According to a release, following the Bank for International Settlements report about foreign exchange (FX) turnover published in September 2013, SWIFT took a closer look at the RMB FX confirmations on its network.

The SWIFT RMB Tracker shows that RMB is now the 8th most traded currency in the world with a 1.49% market share in August 2013, up from position #11 and 0.92% market share in January 2012. In that period, RMB FX trading value increased by 113% and the Chinese Renminbi overtook the Swedish Krona, Korean Won and Russian Rouble.

Patrick de Courcy, Deputy Chief Executive and Head of Markets & Initiatives, Asia Pacific at SWIFT said: “SWIFT data shows that 60% of the RMB FX trading activity is done out of the United Kingdom - a reflection of the strong position London has in the global FX market. The United States is second in global RMB FX trading, while France – the leading Eurozone country in exchanging RMB payments (see April Tracker) – overtook Singapore in June 2013.”

As world payments currency, the RMB fell one position to #12 in August 2013, with a market share of 0.84% compared to 0.87% in July 2013 – with the Thai Bhat now taking place #11.

Also Read

India, Maldives ink deal to promote local currencies for cross-border trade

Malaysia fines money changer for customer due diligence lapses

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit