SWIFT's currency tracking has announced that Chinese Renminbi (RMB) payments value for the month ending February 2014 exploded 248% YoY as fx activities continue to drive the currency's exposure in Australia.
SWIFT, the global leader in financial transaction tracking, has announced that Chinese Renminbi (RMB) Payments value for the month ending February 2014, exploded 248% YoY as FX activities continue to drive the currency's exposure in Australia and worldwide, according to a SWIFT statement.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) employs a variety of outlets and channels for the transfer of secure financial messaging and information regarding transactions. In particular, its RMB Tracker showed that between February 2013 and February 2014, the payments of RMB exploded 248% YoY. Indeed, the interconnectivity between China and Australia has been strengthening lately, underscored by several initiatives in RMB settlement. Recently, the Australian Securities Exchange (ASX) gained RMB settlement capabilities for the first time for its entire asset suite.
RMB Settlement between ASX and Bank of China Helps to Drive Volumes
According to Bill Doran, Head of Oceania for SWIFT, in a statement on the RMB influx, "With the recent announcement of ASX and Bank of China to establish an RMB Settlement Service in July 2014, Australian companies trading with China will be able to pay and receive in RMB for cross-border transactions just as they do with the Australian dollar. As a result, we expect to see further growth of RMB usage in Australia."
Overall, Australia represents the world’s sixth largest destination for RMB payments value – in the month of February 2014, 14% of all payments and investments between Australia and China and Hong Kong were in RMB. This highlights a massive jump from February 2013 and 2012, which were reported at just 7.7% and 1.9% respectively.
"98% of these payments in value are institutional, as opposed to payments sent by banks on behalf of their customers, which makes up the remaining 2%. This is most likely a reflection of the RMB mainly being used for investments and foreign Exchange activities, rather than trade settlement. Given the strong trade relationship between China and Australia, we expect to see direct customer payments in this country grow as well. There are real benefits for Australian companies to use the RMB. Some of these benefits include faster settlement of payment between suppliers and buyers, savings on invoicing costs, reduction of exchange rate risk and reach to more Chinese customers and investors who prefer to trade in their currency," added Doran.
SWIFT, the global leader in financial transaction tracking, has announced that Chinese Renminbi (RMB) Payments value for the month ending February 2014, exploded 248% YoY as FX activities continue to drive the currency's exposure in Australia and worldwide, according to a SWIFT statement.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) employs a variety of outlets and channels for the transfer of secure financial messaging and information regarding transactions. In particular, its RMB Tracker showed that between February 2013 and February 2014, the payments of RMB exploded 248% YoY. Indeed, the interconnectivity between China and Australia has been strengthening lately, underscored by several initiatives in RMB settlement. Recently, the Australian Securities Exchange (ASX) gained RMB settlement capabilities for the first time for its entire asset suite.
RMB Settlement between ASX and Bank of China Helps to Drive Volumes
According to Bill Doran, Head of Oceania for SWIFT, in a statement on the RMB influx, "With the recent announcement of ASX and Bank of China to establish an RMB Settlement Service in July 2014, Australian companies trading with China will be able to pay and receive in RMB for cross-border transactions just as they do with the Australian dollar. As a result, we expect to see further growth of RMB usage in Australia."
Overall, Australia represents the world’s sixth largest destination for RMB payments value – in the month of February 2014, 14% of all payments and investments between Australia and China and Hong Kong were in RMB. This highlights a massive jump from February 2013 and 2012, which were reported at just 7.7% and 1.9% respectively.
"98% of these payments in value are institutional, as opposed to payments sent by banks on behalf of their customers, which makes up the remaining 2%. This is most likely a reflection of the RMB mainly being used for investments and foreign Exchange activities, rather than trade settlement. Given the strong trade relationship between China and Australia, we expect to see direct customer payments in this country grow as well. There are real benefits for Australian companies to use the RMB. Some of these benefits include faster settlement of payment between suppliers and buyers, savings on invoicing costs, reduction of exchange rate risk and reach to more Chinese customers and investors who prefer to trade in their currency," added Doran.
Devexperts Teams Up with nuam Exchange to Boost Equity and Derivatives Trading
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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