More than 58% of payments value between Luxembourg and China, HK now RMB-denominated

It was only 42% in July 2012.

According to SWIFT, Luxembourg is ranked #8 in the world for RMB payments value (excluding China and Hong Kong) in July 2013, making it the second highest placed Euro country behind France at position #6 (see April Tracker).

Here's more from SWIFT:

Luxembourg growth over the last year is significant with an increase of 86% in RMB payments value. It is mainly driven by financial transfers representing 88% of all payments value done in July 2013. More than 58% of the payments value between Luxembourg and China / Hong Kong is denominated in RMB in July 2013 compared to 42% in July 2012.

Patrick de Courcy, Deputy Chief Executive and Head of Markets & Initiatives, Asia Pacific at SWIFT says: “Luxembourg’s number two ranking in the Eurozone for RMB payments is not surprising, with close to forty RMB denominated bonds listed on the Luxembourg Stock Exchange and a strong presence of Chinese banks. It will be interesting to watch future developments as Luxembourg builds on its position as a leading international Renminbi centre in the Euro area.”

In July 2013, the RMB remained stable in its position as the #11 payments currency of the world, with the same market share of 0.87% compare to previous month. Overall, RMB payments increased in value by 5.1% in July 2013, whilst the growth for all payments currencies was at 5.4%.