Renminbi direct payments make inroads in Middle East

The Chinese currency ranks first when the UAE and Qatar make direct payments to China and Hong Kong

Making headway: use of the renminbi has been rising across the Middle East over the last few years

The internationalisation of the renminbi continues to gather pace around the world, with it now being the most-used currency by the United Arab Emirates (UAE) and Qatar for making direct payments with China and Hong Kong, according to Swift's RMB Tracker.

The Chinese currency accounted for 74% of direct payments by value in the UAE to China and Hong Kong in 2015, compared with 69% in 2014, showing an increase of 52%.

In Qatar, the renminbi was used in 60% of all direct payments to China and Hong

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