Recent Developments In Renminbi Internationalisation

Recent developments in China and other jurisdictions indicate that the internationalisation of Renminbi is moving forward rapidly. Over the course of 2012, the value of payments using RMB grew by 171% and the ranking of RMB as a payment currency jumped from 20th place in January 2012 to 13th place by the end of February 2013 (SWIFT Monthly RMB Tracker – February 2013). The Chinese government has given a clear indication of its ambition to further accelerate regulatory reforms to liberalise RMB in 2013.