The renminbi (RMB) now has 101 countries using it and 57 use it for more than 10% of their direct payments by value with China and Hong Kong.
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SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
Use of the Chinese yuan for international payments is in decline, falling to only the seventh most used currency with less than a 2% market share, according to data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
Finance professionals travelling to Boston for the Sibos 2014 conference from 29th September to 2nd October should be aware that security measures have been increased to help stop the spread of infectious illnesses such as the Ebola virus.
A new RMB Tracker created by SWIFT has found that, over the past year, Renmimbi payments in four European countries have gradually outstripped even China and Hong Kong.
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