apr 1, 2017 - State of FX and payments in London in uncertain times https://www.swift.com/resource/rmb-tracker-april-2017-special-edition
Description:
(3) RMB inclusion in SDR a significant step towards integration in the global economy, to be taken further through the increased number of bank customers served in RMB. Also, compliance with local rules and regulations is necessary for the internationalisation of RMB.
(4) London as a global financial centre:
A key FX and payment centre for global finance, particularly for currencies such as the RMB. More than one third of FX trading takes place in the UK, HK second with 29.3%, US and France equal at 7.3%, and Singapore 5%
CNY ranked 5th as a world FX currency in trading value, behind USD, EUR, JPY, GBP but ahead of the AUD and CHF. Ranked 6th as a world payment in currency value, behind USD, EUR, GBP, JPY and CAD, ahead of AUD and CHF. 50% of financial institutions in the UK are using the CNY to exchange payments with HK and China. 1, 300 institutions globally are also using the CNY.
(9) 36.6% CNY FX transactions outside of mainland China are conducted in the UK, HK is second with 29.3%
Number of FX transactions conducted in RMB has risen from 1.8m in 2011 to 13m in 2016. However, the value of CNY FX transactions in 2016 was lower than the value in 2015 and 2014.
The RMB is the strongest of the emerging market currencies, trading in higher value than them but still 5th against the USD, EUR, JPY, GBP.
The majority of trading is with the USD, the pairing of which has the highest value and higher liquidity than other pairings.
Added to timeline:
RMB internationalisation
Dissertation timeline
Date:
