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.
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