In April 2016 the RMB fell to 6th place amongst global payments, reflecting a usage of 1.82%, less than the CAD.
SWIFT, a global provider of financial messaging services, has reported its Payments data for its monthly RMB tracker, which illustrated the importance of the renminbi in both India, China, and Hong Kong, according to a recent SWIFT statement.
The new world of Online Trading, fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
The results still continue to show a dominance of the US dollar (USD) in the region, though the RMB has retained its spot as the fourth most active currency for payments in the aforementioned countries. The latest tranche of data follows on the heels of a recent SWIFT tracking report that showed the RMB undergo a decline in usage in both China and Hong Kong.
In terms of April 2016 however, the RMB constituted 3.8% of all payments made between India, China, and Hong Kong. While this easily bested a 2014 figure of 0.2% back in April 2014, the data shows that the RMB usage still ranks among the lowest amongst Asian countries, coming in at only 38th worldwide.
Since 2014 however, the RMB has jumped to the fourth highest currency for payments by value, surpassing the Hong Kong dollar (HKD) and the British pound (GBP). The USD remains in a position all by itself, soaking upwards of 80% of all payment usage, followed by the Indian rupee (7.2%) and the EUR (6.3%) respectively.
In addition, April 2016 saw the RMB retreat to the sixth highest position as global payments currency by value, corresponding to a share of 1.82% - the renminbi comes in below the Canadian dollar (CAD), which itself has a share of 1.83%. On a MoM basis, RMB payments’ value decreased by -7.7% MoM compared to March 2016.
According to Michael Moon, Head of Payments, Asia-Pacific (APAC) at SWIFT in a recent statement on the RMB usage: “China has emerged over the last decade to become India’s largest trading partner. As a result, RMB adoption is slowly gaining traction for payments between India and China. Over time, and in line with the growing importance of this emerging trade corridor, we expect to see greater use of the RMB between these two countries.”
SWIFT made headlines earlier this month after it experiencing a malware breach, which resulted in the theft of $81.0 million from the Bangladeshi central bank - blame for the attack has been on SWIFT's shoulders after allegations that the group's technicians inadvertently facilitated vulnerabilities with a new transaction system.
SWIFT, a global provider of financial messaging services, has reported its Payments data for its monthly RMB tracker, which illustrated the importance of the renminbi in both India, China, and Hong Kong, according to a recent SWIFT statement.
The new world of Online Trading, fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
The results still continue to show a dominance of the US dollar (USD) in the region, though the RMB has retained its spot as the fourth most active currency for payments in the aforementioned countries. The latest tranche of data follows on the heels of a recent SWIFT tracking report that showed the RMB undergo a decline in usage in both China and Hong Kong.
In terms of April 2016 however, the RMB constituted 3.8% of all payments made between India, China, and Hong Kong. While this easily bested a 2014 figure of 0.2% back in April 2014, the data shows that the RMB usage still ranks among the lowest amongst Asian countries, coming in at only 38th worldwide.
Since 2014 however, the RMB has jumped to the fourth highest currency for payments by value, surpassing the Hong Kong dollar (HKD) and the British pound (GBP). The USD remains in a position all by itself, soaking upwards of 80% of all payment usage, followed by the Indian rupee (7.2%) and the EUR (6.3%) respectively.
In addition, April 2016 saw the RMB retreat to the sixth highest position as global payments currency by value, corresponding to a share of 1.82% - the renminbi comes in below the Canadian dollar (CAD), which itself has a share of 1.83%. On a MoM basis, RMB payments’ value decreased by -7.7% MoM compared to March 2016.
According to Michael Moon, Head of Payments, Asia-Pacific (APAC) at SWIFT in a recent statement on the RMB usage: “China has emerged over the last decade to become India’s largest trading partner. As a result, RMB adoption is slowly gaining traction for payments between India and China. Over time, and in line with the growing importance of this emerging trade corridor, we expect to see greater use of the RMB between these two countries.”
SWIFT made headlines earlier this month after it experiencing a malware breach, which resulted in the theft of $81.0 million from the Bangladeshi central bank - blame for the attack has been on SWIFT's shoulders after allegations that the group's technicians inadvertently facilitated vulnerabilities with a new transaction system.
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.
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
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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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
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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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.
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
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
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.
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
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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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
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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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
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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.
Tune in for expert analysis on the future of trading and innovative funding models.
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.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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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.
Tune in for expert analysis on the future of trading and innovative funding models.
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.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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