The internationalisation of the renminbi is continuing at a rapid pace, and while the value of payments go up year on year, so too do the number of offshore hubs and authorised clearing banks, as well as the number of investment vehicles and instruments offered. Deliverable offshore renminbi volume has grown from virtually zero four years ago to become the largest Asian currency on many trading desks.
While Hong Kong remains far in the lead as the biggest offshore renminbi payments centre with a 71% market share, London and Singapore are both establishing themselves as strong alternatives. Furthermore, according to Swift’s Renminbi Tracker, Europe now represents 10% of total renminbi payments in value worldwide and is leading adoption beyond Asian countries.