Hong Kong remains the world’s largest offshore renminbi (RMB) payments, processing 80% of all RMB payments according to date from SWIFT.
Although nearly 100 countries had RMB payments with Hong Kong and China in September 2012, 90% is concentrated in 10 countries; the UK has a 28% share (25% in January 2012) followed by Singapore with 26% (34% in January 2012).
Overall, RMB payments declined by 7.4 % compared to August 2012, whereas all currencies declined by 4.3%. The RMB remains its 14th position in the ranks of world payments currencies, with a share of 0.51% against 0.53% in August 2012.
On day one of SIBOS, panellists unanimously agreed that doing nothing to modernise payments was no longer safe bet for transaction banking.
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.