Europe doubles RMB transactions with Greater China in one year

London leads as European hub with 123.6% increase

renminbi-notes

Direct payments in renminbi (RMB) between Europe and China and Hong Kong have risen by 105%. This places Europe at the forefront of the internationalisation of the currency, with a 10% share of total worldwide payments, according to the latest data released by payments-processing company Swift.

London saw the largest increase in the use of RMB, with a 123% growth between July 2013 and July 2014. The UK capital is also the biggest European hub and the second in the world after Singapore.

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