For the second month in a row, renminbi (RMB) payments volumes fell, according to SWIFT. The RMB lost two places since September, against the South African rand and New Zealand dollar, to become world payments currency number 17 in October.
This is not a stellar performance for an emerging currency/economy, it might challenge some analysts’ predictions that the RMB will be a top three currency by 2015. Although volumes overall are down, there is significant RMB usage and increase with Taiwan, Russia, Indonesia, and Philippines.
These observations are based on actual payments going over the global SWIFT network between October 2010 and October 2011.
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