Renminbi steps further towards internationalisation

China’s currency has overtaken the Thai baht and Norwegian krone for use in global payments and continues to gain in popularity.

The use of the renminbi in international payments hit a record market share of 0.87% last month, growing more than threefold from 0.24% two years ago, according to Swift, an international payments platform.

China’s currency jumped to 11th in the ranking of world payments currencies in June, up from 20th place last January, according to a report from Swift. In the process, it overtook currencies such as the Thai baht and Norwegian krone.

The continuous growth in the popularity of the renminbi for payments comes from demands from some key markets, such as the UK, another incremental advance which further supports the international use of the...

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