Renminbi payments drop in December

The Chinese currency is once again the fifth most-used for global payments – Swift

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Global view: Hong Kong remains the top offshore renminbi economy in terms of clearing centres by weight, followed by the UK

The renminbi was the fifth most-used currency for domestic and international payments in December, with a share of 1.61%, down from 1.75% in the previous month, according to payments infrastructure company Swift.

While the latest figures show the value of renminbi payments fell by almost 8%, compared with November, the Chinese currency moved up one place, leaving the Canadian dollar behind with a share of 1.57%. Meanwhile, the Australian dollar and the Swiss franc fell to 1.39% and 1.26%,

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