The renminbi (RMB) has seen a steady climb up the ladder as a world payments currency (with a market share of 0.34%), but more importantly it now has a 4% market share in the global issuance of letters of credit (L/Cs) by value, according to SWIFT’s RMB Tracker. This makes it one of the world’s top three currencies in this space.
- With a market share of 4.0%, RMB is the world’s third biggest currency in the global issuance of L/Cs by value in April 2012 (year-to-date), after the US dollar (84.4%) and the euro (7.0%).
- There’s not much movement on the payments front, RMB remained world payments currency number 16 in April 2012, with a market share of 0.34%.
The RMB Tracker shows the biggest corridors where the RMB is used in the issuance of L/Cs. The business is clearly concentrated in Asia-Pacific, with well over 50% of all L/Cs in transaction value being sent by banks in China to Hong Kong and nearly 20% going from China to Singapore.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.