A report by the Association of Global Interbank Financial Communications, a global provider of financial messaging services, stated that the share of the Chinese currency renminbi in global payments rose last May.
According to the report, the renminbi’s global share rose from 2.29% in April to 2.54% last month, while China remained the fifth most active currency.
In March, the value of renminbi payments increased by 20.38% from the previous month, higher than the 8.75% increase in all payment currencies.
In terms of international payments, excluding the eurozone, the renminbi ranked sixth with a share of 1.51% last month.
According to the report, China’s Hong Kong Special Administrative Region (HKSAR) is the largest market for overseas Chinese yuan transactions, accounting for 73.48%, followed by Britain at 5.17% and Singapore at 3.84%.
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