RMB Payments Value in Luxembourg Climbs Swiftly

Luxembourg saw a significant increase in Renminbi (RMB) payments value in the last year, according to SWIFT’s RMB Tracker.

The 86% increase places Luxembourg at number 8 in the world for RMB payments value (excluding China and Hong Kong) in July 2013, making it the second highest placed Euro country behind France at position number 6.

Luxembourg’s RMB growth can be attributed to financial transfers representing 88% of all payments value done in July 2013. More than 58% of the payments value between Luxembourg and China / Hong Kong is denominated in July 2013 compared to 42% in July 2012.

In July 2013, the RMB remained stable in its position as the #11 payments currency of the world, with the same market share of 0.87% compare to previous month. Overall, RMB payments increased in value by 5.1% in July 2013, whilst the growth for all payments currencies was at 5.4%.

At the end it was the Euro as the strongest currency with 37.5% market share in July 2013.

Patrick de Courcy, deputy chief executive and head of Markets & Initiatives, Asia Pacific at SWIFT says: “Luxembourg’s number two ranking in the Eurozone for RMB payments is not surprising, with close to forty RMB denominated bonds listed on the Luxembourg Stock Exchange and a strong presence of Chinese banks. It will be interesting to watch future developments as Luxembourg builds on its position as a leading international Renminbi centre in the Euro area.”