Renminbi direct payments make inroads in Middle East
The internationalisation of the renminbi continues to gather pace around the world, with it now being the most-used currency by the United Arab Emirates (UAE) and Qatar for making direct payments with China and Hong Kong, according to Swift's RMB Tracker.
The Chinese currency accounted for 74% of direct payments by value in the UAE to China and Hong Kong in 2015, compared with 69% in 2014, showing an increase of 52%.
In Qatar, the renminbi was used in 60% of all direct payments to China and Hong
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 info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Central Banks
Trade in other currencies will reduce USD reserves share, say managers
Over 72% of respondents believe efforts to denominate trade in other currencies will have long-term effect
Explicit policy guidance ‘fraught with risks’ – RBI’s Das
Central Banking Summer Meetings: Policy-makers need to be “nimble footed”, governor says
Sudan’s warring parties attack central bank and currency printers
Military sacks governor as fighting drives up prices amid existing food shortage
MAS did not tell banks to ‘keep quiet’ about China flows, group says
Private banking group says sources of inflows into Singapore remain diversified
CBRT steps in with support for earthquake-stricken regions
Turkish central bank eases payment costs and credit conditions as rescue work continues
2022: The year in review
The invasion of Ukraine left central banks facing yet another exceptional set of challenges this year
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Inclusive growth must come after price stability, says Fed’s Jefferson
First speech as a governor re-emphasised hawkish Fed statements forecasting slow growth