SWIFT Says RMB Internationalization Stalled Last Year

Society for Worldwide Interbank Financial Telecommunication (SWIFT) says that the payments value for RMB decreased by as much as 29.5% in 2016, while the Chinese currency's share as an international payments currency dropped from 2.31% in December 2015 to 1.68% in December 2016, signaling that years of currency internationalization efforts stalled last year.

The People's Bank of China focused on fighting against depreciation pressures on the currency and keeping the RMB's value stable last year. RMB payments value decreased by 15.08% in December 2016 compared to November 2016, whilst overall, payments value for all currencies increased slightly by 0.67%.

"The decrease in RMB usage for payments in December may be attributed to a convergence of several even...

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