South Korea has become 8th in the world for RMB payments having increased payment value by 563 percent between June 2013 and June 2014.
The placing comes from SWIFT’s RMB Tracker and in June 2014, nearly 69 percent of all payments between South Korea and China/Hong Kong were in RMB.
Michael Moon, head of payments in Asia Pacific for Swift, said: “We have been monitoring the use of RMB in South Korea for a while, observing its fast growth over the past two years, particularly as more banks and businesses are using RMB in international transactions.”
“South Korea’s RMB payments growth is increasingly driven by customer payments, which are good proxy for trade settlement.”
Mood added: “The announcement by South Korea and China in early July about setting up a new RMB clearing centre in Seoul will further benefit the trading activities between the two countries. This agreement establishes South Korea as an important offshore RMB clearing centre in North Asia.”
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