RMB Payment Volumes Up 33%, According to SWIFT

This month’s SWIFT renminbi (RMB) tracker shows that RMB payments increased by a third (32.6%) in February versus January 2012, propelling the RMB back to position 17, whereas world payments declined by -0.3% (mainly because significant drops in euro and pound payments). Overall, RMB share in world payments is 0.33%, up from 0.25% in January 2012.

However, RMB payments with Australia are now one of the lowest in Asia, down to a mere 1.9% of all Australia’s payments with China and Hong Kong from 3.1 % in January 2012. This is well below the average of 6.6% RMB payments in Asia (excluding China and Hong Kong). On the other hand, RMB payments with Taiwan, non-existent one year ago, increased to 11.4%.

There are at least two good reasons to develop more RMB payments with Australia:

  1. With nearly 20%, China is Australia’s biggest trading partner (Australian Department of Foreign Affairs and Trade, 2010-11).
  2. Payments flows between Australia and China and Hong Kong are among the biggest in Asia. This should give ample opportunity for China and Australia to grow their RMB flows.


Related reading

New consumer banking head for Citi Asia Pacific