Still a long way off for redback in displacing greenback
Challenging the dollar as a currency fot the international trade is clearly on the way but, apart the media hype, renmimbi is still a marginal player.
According to SWIFT, the renmimbi’s share in global payments, has grown from 1,55% in Q2 2014 to 1,64% in Q3 2014.
Yes, in the last 2 years the renmimbi transactions tripled in value, ranked 7th in the between of Canadian dollar and Swiss Franc.
China has announced the opening of offshore RMB centers in Hong Kong, Singapore, Taipei, London, Frankfurt, Paris, and Luxembourg, to the delight of offshore investors eager to invest in the RMB
The ability of Chinese exporters and importers to make and accept payments in RMB is helping to drive the growth of offshore RMB markets. The excess of settlements in RMB by Chinese importers over RMB settlement by Chinese exporters leads to growing volumes of RMB deposits offshore. But the RMB cannot become a true international currency until Chinese authorities drop their strict limits on capital flows between China and the rest of the world