budapest renminbi initiative...monthly evolution of traffic between hungary and china/hk live,...
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Budapest Renminbi Initiative
April 2018
SWIFT's RMB Tracker - monitoring of the RMB internationalisation
2
RMB’s share as a domestic and international payments currencyCustomer initiated and institutional payments.
Messages exchanged on SWIFT. Based on value.
January 2012
Source: SWIFT BI Watch
January 2013 January 2014
3
RMB’s share as a domestic and international payments currencyCustomer initiated and institutional payments.
Messages exchanged on SWIFT. Based on value.
USD
EUR
GBP
JPY
CHF
CAD
CNY
AUD
HKD
THB
SEK
SGD
NOK
PLN
ZAR
MYR
DKK
MXN
NZD
TRY
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
38.00%
34.29%
7.34%
3.29%
1.64%
1.57%
1.56%
1.48%
1.31%
1.06%
0.85%
0.84%
0.77%
0.52%
0.44%
0.42%
0.39%
0.30%
0.30%
0.25%
USD
EUR
GBP
JPY
CNY
CAD
CHF
AUD
SEK
HKD
THB
SGD
NOK
PLN
DKK
ZAR
MXN
NZD
TRY
CLP
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
41.40%
31.47%
8.78%
3.16%
1.76%
1.73%
1.52%
1.52%
1.02%
1.00%
1.00%
0.86%
0.68%
0.52%
0.43%
0.40%
0.36%
0.31%
0.26%
0.19%
February 2016 February 2018
Source: SWIFT BI Watch
4
Currency usage for cross-border payments between Europe and the rest of the worldLive and delivered, MT 103 and 202, sent and received, excluding central banks, FY 2017, by value
Source: SWIFT BI Watch
EUR45%
USD34%
GBP7%
JPY3%
CHF3%
Others8%
USD; 33%
EUR; 31%
GBP; 10%
CHF; 5%
JPY; 3%
Others; 18%
Euro zone* Non Euro zone
*Excluding payments within Euro zone
Rank 8th
CNY = 0.65%
Rank 15th
CNY = 0.81%
Source: SWIFT BI Watch
Hungary 100%
Commercial payments in RMB, sent from China to Belt and Road countries,
YTD June 2017 vs YTD June 2014, by value
6
BOC
Official RMB Clearing Banks appointed by
the People’s Bank of ChinaGeographical location and timeline
0
50
100
150
200
250
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
Traffic between Hungary and CN/HK, all currencies Traffic between Hungary and CN/HK, CNY
7
Monthly evolution of traffic between Hungary and China/HKLive, delivered, MT 103 and 202, cross-border excluding central banks since Jan 2015
Source: SWIFT BI Watch
Tra
ns
ac
tio
ns
se
nt
in a
ll c
urr
en
cie
s
Tra
ns
ac
tio
ns
se
nt
in C
NY
June 2015:
BOC Budapest
Appointment of RMB Clearing Bank
Growth is based on March 2018 vs June 2015 (RMB Clearing Bank appointment)
Growth -6%
Growth -25%
8Source: SWIFT BI Watch
Currency usage for payments sent from Hungary to China/HKLive and delivered, MT 103 and 202 sent, excluding central banks, FY 2017
By value By volume
EUR; 39,6%
USD; 32,9%
CNY; 24,0%
HKD; 2,2%
CAD; 0,7%
Others; 0,6%
USD; 72,4%
EUR; 22,9%
CAD; 2,7%
CNY; 1,3% GBP; 0,2%
Others; 0,5%
FY 2017- Selected economies
% of payments in RMB (by value) with China/Hong Kong FY 2017
% C
hin
a’s
tra
de
So
urc
e W
orl
d B
an
k,
Imp
ort
an
d E
xp
ort
by C
hin
a/H
on
g K
on
g,
20
16
Volume of payments (all ccy) with China/Hong Kong
RMB usage by country for payments ending in China/HKLive and delivered, MT 103 and MT 202, direct, cross-border, excluding central banks
4035302520151050
14
13
12
7
6
5
4
3
2
1
0
90656055
HungaryDenmark
Ireland
PakistanSouth Africa
Thailand
Sweden
United Arab Emirates
Spain
Canada
LuxembourgNetherlands
Macau BelgiumSwitzerland
Malaysia
Korea, Republic of
Taiwan
Australia
Germany
Japan
France
Singapore
United Kingdom
United States
Size of bubble is not according to scale
Source: SWIFT BI Watch9
10
Top 15 offshore RMB
economies with
clearing centres, by
weight
Customer initiated and institutional
payments. Inbound + Outbound traffic.
Based on value. Excluding China.
FY 2017
FY 2016
Source: SWIFT BI Watch
United Arab Emirates 0.15%0.13%
Canada 0.38%0.23%
Macau 0.41%0.25%
Luxembourg 0.47%0.35%
Germany
Switzerland 0.09%0.11%
Russia 0.08%0.12%
0.61%0.68%
Australia 0.95%1.02%
France 1.38%1.55%
Taiwan 2.68%2.19%
United States 3.03%2.59%
Korea, Republic of 2.11%2.99%
Singapore 4.93%4.41%
United Kingdom 6.51%5.59%
Hong Kong 74.08%75.68%
Hungary0.003%
0.008%32Rank
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Budapest Renminbi Initiative 11