SWIFT is reporting that in December 2019 the RMB dropped one position to sixth in the currency ranking for global payments by value, with a share of 1.94%. The US dollar remains the number one ranked currency, accounting for 42.22% of global payments in December last year. This represents a 5.9% increase compared to the […]
Brexit uncertainty hasn’t stopped RMB trading activity in the UK reaching record highs, according to a new report published by the City of London Corporation. The report, London RMB Business Quarterly, shows that an average of £85 billion of RMB was traded in the UK on a daily basis in the second quarter of 2019, […]
Swift has issued a report arguing in favour of greater standardisation of messaging within the FX market, claiming that this will in turn cause greater automation and improve efficiency. In the report, Swift notes that the sheer volume of FX transactions that occur daily makes automation in this market challenging. “With millions of confirmation messages […]
Swift has published an interim report on the proof of concept for real-time Nostro reconciliation using a Swift-developed distributed ledger technology sandbox with 33 global transaction banks, as part of its global payments innovation service.
The PoC is testing whether DLT can help banks reconcile Nostro accounts more efficiently and in real-time, while lowering costs and operational risk. The report provides an overview of the PoC to date, including technical objectives, early findings on the potential business benefits, as well as key challenges that still need to be addressed to achieve industry-wide adoption.
London remains the dominant offshore centre for RMB FX trading and payments according to the latest RMB Tracker from Swift.
The Swift report focuses on the City of London as an offshore RMB hub and includes statistics and analysis for the first three months of the year as well as insights about the RMB and the state of play in London’s FX market.
As of March 2017, Swift’s data shows that 36.3% of the RMB FX transactions (excluding China) are conducted with the UK.
Data from Swift shows that in July RMB bounced back to its position as the fifth most active currency for global by payments by value, with a share of 1.90%, a slight increase from 1.72% in June 2016. Overall, the data shows that RMB payments value decreased by 0.68% compared to June 2016, whilst in […]
The Chinese Renminbi has seen a slight slowdown in terms of global payments by value in June, being surpassed by the Canadian dollar and standing as the sixth most popular currency, according to Swift. Swift data shows that the RMB had a share of 1.72% in global payments by value in June, against 1.96% of […]