International usage of Chinese yuan remains stable despite a sharp fall in the offshore exchange rate, according to a new report by Bank of China (BOC) – one of the four biggest state-owned commercial banks in China.
The yuan ranked 5th in the currency rankings for global payments, BOC said in its Offshore RMB Express report citing data from SWIFT, a global provider of secure financial messaging services.
Key points (Source: Xinhua, Reuters)
Hong Kong is the key offshore market for yuan payments, accounting for 75.98 percent of renminbi trading volume.
Total turnover via the Real Time Gross Settlements (RTGS) clearing system reached 21.46 trillion yuan, up 10 percent month-on-month and 38.7 percent year-on-year.
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