The renminbi’s share of international payments bounced back in July – at least by enough to put Canada’s currency back in sixth place.
The Chinese currency’s use in international transactions via Swift’s global bank payment messaging network rose to 1.9 per cent last month, bouncing back from a dip in June that had marked the lowest share for the year to date.
The latest figure puts the renminbi’s share 0.89 percentage points below the record high of 2.79 per cent from August of last year, still down more than half a percentage point from January’s 2.45 per cent, still the highest level of 2016.
The rebound seems to track with customs data for July that showed growth of China’s Rmb-denominated export deals accelerated despite sharpened contraction by imports using the currency. On Tuesday an index tracking the renminbi’s real-time value against a basket of currencies reached a record low, in line with daily indices from bank analysts and the central bank’s own weekly measure.
Among the top global currencies that account for over 90 per cent of Swift transactions, the dollar rose by a third of a percentage point compared to June, as did the euro, while the pound fell by nearly 1 percentage point and the yen saw only a marginal decline.
While still well below those currencies, the renminbi’s share of transactions did rise just enough to once again displace the Canadian dollar and claim fifth place in the rankings.
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