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Hong Kong Biggest Offshore RMB Centre, London Second: Swift

Hong Kong remains the world’s largest offshore RMB centre, processing 80% of RMB payments, according to financial messaging provider Swift. Following at a long distance with 4% is London, which has overtaken Singapore as the second largest offshore RMB centre.

Although nearly 100 countries had RMB payments with Hong Kong and China in September 2012, 90% is concentrated in 10 countries, including the UK with 28% and Singapore with 26%.

Overall, RMB payments declined by 7.4 % in September compared to August, whereas all currencies declined by 4.3%. RMB is the fourteenth largest world payments currency with a share of 0.51% versus 0.53% in August, according to Swift.

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