United Arab Emirates shows impressive RMB adoption

UAE flag

Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.

More than 80% of the direct payments made between the UAE and China/Hong Kong in August 2016 were in CNY, representing one of the highest increases worldwide.

The special edition of the RMB Tracker takes the opportunity to look beyond long-established markets such as London to offer a snapshot of four other markets in EMEA, France, Germany, Switzerland and the UAE. Data within the report shows that the EMEA region is ranked as number two in RMB adoption after Asia-Pacific. Other RMB highlights include:

• The RMB has retained its position as the number five world payments currency, representing 1.86% of global payments by value.
• France leads eurozone countries in RMB payments by value, despite flat growth over the past three years. Close to 50% of France’s direct payments with China/Hong Kong were denominated in CNY in August 2016.
• The RMB is ranked number three in Switzerland for direct payments with China/Hong Kong after HKD and CHF. There has been 43.5% growth in RMB payments by value compared to November 2015, when the clearing centre was established.
• The euro continues to dominate the corridor for payments between Germany and China/Hong Kong with a share of 80.1%.

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