RMB used for more than 10% of business in 47 countries. Of the 160 countries that exchange payments with China and Hong Kong in April this year, 47 of them had at least 10% of their payments value in renminbi.
According to Swift, this represents a 9% increase on July 2012’s records. During the nine months since July last year, 16 more countries have increased their RMB payments with Hong Kong and China to more than 10%. The average CNY payment weight in all 160 countries has increased by 6%, giving the currency a 2% increase from July last year. The company’s RMB Tracker also shows that Italy and Russia are now amongst some of the strongest adopters of the RMB, following the United Kingdom, Singapore and Taiwan.
Lisa O’Connor, RMB director at Swift, says, “The big increase in countries with substantial RMB volumes is a good indicator that the currency has become more internationalised. This also presents business opportunities for those banks with RMB business intelligence and product capabilities in those countries”.
Swift says that the RMB remains in its position as the 13th payment currency in the world, with a decreased market share of 0.69% from 0.74%. Overall, RMB payments decreased in value by 1.8%, with the growth for all currencies relatively low at 4.9%.
Calypso opens Beijing office. Treasury and capital markets software provider, Calypso Technology, has opened an office in Beijing, to better service domestic and international institutions in the region.
The firm says the new site follows recent client successes and growth in Greater China. The new office will hold sales, professional services and engineering teams. Charles Marston, chairman and CEO at Calypso, says, “By establishing a regional presence in Beijing, we are well positioned to deliver world-class services efficiently and strategically support client efforts.”
Mark Bell, Calypso’s regional general manager, Greater China, says, “We are developing a strong team in Beijing by relocating some key staff to assist with integrating local hires, to build on the strong foundation Calypso has already established in the region.”