Renminbi struggles to gain prominence on global stage – Swift

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Despite China’s rising importance within the global economy, the renminbi struggled to grow its presence on the world stage last year, a report published by Swift has revealed.

According to the global payments messaging provider, renminbi usage accounted for only 1.61% of domestic and cross-border payments in December 2017, and the tides do not appear to be turning.

“The RMB had a difficult year in 2017 and struggled to realise its potential for growth,” said Michael Moon, head of payments

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