Global RMB Usage at a new high

According to SWIFT (the Society for Worldwide Interbank Financial Telecommunication), the Chinese Yuan (or RMB)’s share of global payments hit a new record high of 0.84% in May 2013, after the total value of yuan payment around the world increased sharply by 24% last month, compared with the average growth rate of 1.9% across other currencies. SWIFT also pointed out that China yuan is still the 13th most-used currency in the international trade. The growing demand for RMB settlement will continue to increase the use of yuan in future.