"Hong Kong's share will decline with other offshore centers emerging, showing that there is actual business demand in many different regions," he said.īut bankers and analysts tried to play down the threat to Hong Kong's dominant position as an offshore yuan center, citing large potential for growth. Such a development is natural and reasonable, said Nathan Chow, an economist with DBS Bank (Hong Kong) Ltd. I am appointed by the direct Receiver for a wide variety of purposes such as to handle, ensure, and. "The use of renminbi by more countries or regions beyond Hong Kong is a good testimony of the internationalization of the Chinese currency", said Michael Moon, head of payments for Asia-Pacific region at SWIFT. SWIFT GLOBAL PAYMENTS INNOVATION I make decisions in the best interest of my team. Together, they represent the largest market, excluding Hong Kong, using renminbi for payments, the SWIFT report said. Several new players, including Bangkok, Doha, Frankfurt, Kuala Lumpur, Luxembourg, Paris, Seoul and Toronto and, more recently, Sydney have joined the race. Money market analysts said that both Singapore and London, which are established financial centers, are stepping up efforts to expand their offshore yuan markets. SWIFT said that although Hong Kong still has a 70 percent share of global renminbi payments, its dominance is facing stronger challenges from the other markets whose combined share of the market increased to 25 percent in February, from 17 percent a year earlier. according to data from SWIFT, the worlds leader in global payments. Paying with Global Swift Pay is always instant, secure and free. The US dollars share as a global payments currency was the highest at 41.07 in. The La Hulpe, Belgium-based SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. You can trust Global Swift Pay and GSP for fast and secure online payments. Stiff competition from emerging offshore yuan centers around the world eroded Hong Kong's share of global payments in the Chinese currency during February, the Society for Worldwide Interbank Financial Telecommunication said in a report on Monday. Other global centers fast catching up with the city in payments, report by SWIFT says The company’s Treasury Services group, which delivers global payments, trade services, and cash management, provides payments services for Microsoft Treasury.
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