US overtakes Taiwan as offshore RMB clearing centre

US now third-largest offshore RMB clearing centre


The US has doubled its share of the world's offshore renminbi (RMB) clearing, overtaking Taiwan to become the world's third-biggest offshore clearing centre after Singapore and the UK, according to payments processing company Swift.

In April 2014, 2.6% of total RMB payments were carried out in the US, up from 1.3% a year earlier, boosting hopes that the currency's adoption as a global payments unit is on the rise.

"The growing adoption of RMB payments in the US to the China/Hong Kong corridor is

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account