RMB third top currency for trade finance, says Swift
The Chinese renminbi (RMB) has become the third most heavily used currency for trade finance, after the US dollar and euro, according to data from Swift released today (May 29).
The industry messaging body says that with a market share of 4.0%, the RMB is the third largest currency in the global issuance of Letters of Credit by value in April 2012, after the US dollar, which has 84.4% and the euro with 7.0% market share.
"The news is significant: even more important than its steady climb up the
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