Renminbi adoption in US slows in May
A decline of 1.6% from a year ago highlights the slowdown in the Chinese currency's internationalisation
US adoption of the renminbi for payments declined slightly last month, compared to a year ago – a symptom of the global slowdown in the internationalisation of the Chinese currency, according to payments infrastructure company Swift.
In May, the US represented 10.5% of all offshore renminbi payments by value; a 1.6% decline since 12 months earlier. Figures published on June 28 put the US at number four in the world, excluding China and Hong Kong, preceded by the UK with a share of 23.6%
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