Renminbi’s share of global payments slides in February

It falls two places to become the seventh most-used currency for global payments, according to Swift

renminbi-blowing-shutterstock
Global view: Hong Kong remains the top offshore renminbi economy in terms of clearing centres

The renminbi was the seventh most-used currency for domestic and international payments in February, after sliding two rankings behind the Swiss franc and the Canadian dollar, according to payments infrastructure company Swift.

The renminbi’s decline to a share of 1.56% was probably influenced by the seasonal effects of the Chinese New Year, Swift stated in its March 28 RMB Tracker report. The currency had a 1.76% share in the corresponding period two years ago.

The Chinese New Year festival

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