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RMB Internationalisation Stalls in 2016

Core Content Overview

The year 2016 marked a period of stagnation in the internationalisation of the Chinese Renminbi (RMB). According to SWIFT's RMB Tracker, the RMB's usage in international payments declined significantly compared to 2015, ending the year in sixth place among the most active currencies for international transactions.

Key Statistics

• Overall Decline in RMB Payments: The total value of RMB payments decreased by 29.5% in 2016 compared to 2015.
• RMB's Share in International Payments:
  • In December 2015, the RMB accounted for 2.31% of international payments.
  • By December 2016, this share had dropped to 1.68%.
• Monthly Decline in December 2016: The RMB payments value fell by 15.08% in December 2016 compared to November 2016.
• Global Payments Trend: While the RMB declined, the overall value of international payments for all currencies increased slightly by 0.67%.

Main Reasons for the Decline

According to Michael Moon, Head of Payments Markets, APAC, SWIFT, the decline in RMB usage in December 2016 was attributed to:

• Economic Slowdown in China: The Chinese economy experienced a slowdown during the year, which affected the demand for RMB in international transactions.
• RMB Exchange Rate Volatility: The RMB's exchange rate fluctuated, reducing its attractiveness for cross-border payments.
• Regulatory Measures on Capital Outflows: Tighter controls on capital outflows impacted the flow of RMB in international markets.

Positive Developments for RMB Internationalisation

Despite the decline, SWIFT highlighted several positive developments that could support the long-term internationalisation of the RMB:

• CIPS (Cross-border Interbank Payment System): A major milestone in RMB cross-border clearing, which was launched in 2015 and continued to play a role in 2016.
• Additional RMB Offshore Clearing Centres: Expansion of offshore clearing infrastructure helped to increase the RMB's presence in global financial systems.
• Memorandum of Understanding (MoU): A 2016 MoU between CIPS and SWIFT aimed to boost RMB payments traffic outside of China.

SWIFT's Role in RMB Internationalisation

SWIFT has been actively involved in supporting the internationalisation of the RMB since 2010. Its efforts include:

• Publishing RMB Tracker Reports: Providing key statistics and insights on RMB adoption and usage.
• Supporting Financial Infrastructure: Assisting in the development of RMB clearing systems and offering guidance on offshore clearing.
• Collaborating with Offshore Clearing Centres: Engaging with global financial institutions to promote standardised RMB operations.
• Offering Dedicated Products and Services: Delivering RMB-specific business intelligence solutions to help financial institutions and corporations navigate the RMB's international use.

SWIFT's messaging platform enables the secure and standardised transmission of RMB transactions globally, supporting both Chinese Commercial Code (CCC) and ISO 20022 messaging formats.

Additional Information

• SWIFT's Global Presence: SWIFT operates as a global member-owned cooperative, providing secure financial messaging services to over 11,000 financial institutions across 200+ countries and territories.
• SWIFT's Mission: It facilitates global financial flows, supports trade and commerce, and promotes operational efficiency and compliance.
• Contact and Resources: For more information on RMB internationalisation, readers are directed to SWIFT's official website or the 'Business Intelligence Transaction Banking' LinkedIn group.

Disclaimer

SWIFT provides the RMB Tracker as an informational tool and does not guarantee its accuracy, completeness, or suitability for any specific purpose. Users are advised to use the data at their own risk and are not provided with any recommendations or advice based on the RMB Tracker. SWIFT reserves the right to correct past data and disclaims all liability related to its use.