The US has jumped ahead of Taiwan for RMB payments, according to the latest SWIFT RMB Tracker.
SWIFT’s tracker showed that there was a 327 percent increase in RMB payment value between April 2013 and April 2014 for the US, making it third in the world for RMB payments.
There was a 1.3 percent increase in April 2014, where SWIFT found that 2.6 percent of RMB payments took place in the US.
Singapore remains top of the pile, with the UK holding second position for RMB payments.
Michael Moon, head of payments for the Asia Pacific at SWIFT, said: “The growing adoption of RMB payments in the US to China/Hong Kong corridor is a significant milestone that further promotes the cross border use of the currency.”
RMB payments value in the US to China/Hong Kong corridor grew 229 percent between April 2013 and April 2014, and accounted for 2.4 percent of all payments value as of 30 April 2014.
Moon added: “Data suggests that the US is increasingly using the RMB to support its corporates that want to reach more suppliers in mainland China. This is good news for the internationalisation of the RMB as a world payments currency.”
