Central Banking

Europe doubles RMB transactions with Greater China in one year

renminbi-notes

Direct payments in renminbi (RMB) between Europe and China (including Hong Kong) have risen by 105% over the past year, putting Europe at the forefront of the internationalisation of the currency with a 10% share of total worldwide payments.

According to the latest data released by payments-processing company Swift, London saw the largest increase in the use of RMB, with a 123% growth between July 2013 and July 2014. The UK capital is also the biggest European hub and the second in the world aft

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