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Categorized | Currencies

Renminbi share of Swift payments dips to 2 year low

Posted on November 24, 2016

The renminbi’s share of international transactions fell back last month to the lowest level since late 2014 as October’s long domestic Golden Week holiday bit into international transactions using the Chinese currency.

The Chinese currency accounted for 1.67 per cent of international transactions via the Swift global bank payment messaging network in October, down from 2.03 per cent in September.

That is the smallest share since October 2014, when it accounted for only 1.59 per cent of Swift transactions, and pushes it further below its January peak of 2.45 per cent this year.

The partial measure of the currency’s international prominence also shows it declining to sixth place among its international peers, falling once again below the Canadian dollar.

Swift said the 22.44 per cent dip in value for Rmb payments from the previous month – compared to a 6 per cent drop for payments across all currencies – was “likely due to seasonal effects following the Golden Week holiday in China in October”.

Globally October saw US dollar dominance continue, but lower by about half a percentage point at 40.6 per cent of the total. Among top global currencies only the euro, in second place, saw a substantial gain, also by about one per cent to 32.3 per cent.