RMB drops out of payment currency top 5

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RMB drops out of payment currency top 5

Paolo Danese
May 26, 2016 04:00 am
swift logo 230px
A sign for the Society for Worldwide Interbank Financial Telecommunications ( SWIFT) is seen outside the company headquarters in Brussels, Tuesday Feb. 20, 2007. Few people had heard of SWIFT before news reports last June revealed that the U.S. government had secretly demanded access to records from the bank data transfer agency. (AP Photo/Geert Vanden Wijngaert) | GEERT VANDEN WIJNGAERT/AP/Press Association Images

The RMB lost ground against other global currencies in April 2016, dropping from the fifth to the sixth most used payment currency, according to the latest Swift data. Meanwhile, Swift has seen usage of its platform for RMB securities settlement surge as the Chinese bond market opens to foreign investors.

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Paolo Danese
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