Around 13% of China's annual trade rede-nominated to renminbi (RMB) during 2012 and this is expected to increase to around 20% by 2015. According to SWIFT, there has been a 9% increase in the number of countries using RMB for their payments with China and Hong Kong since July 2012; in June 2013, RMB ranked 11 th among the world's payment currencies. Between July 2012 and April 2013, 16 additional countries started to use the RMB for more than 10% of their payments with China and Hong Kong, bringing the total to 47. Corporates around the world are closely following and trying to capitalise on RMB developments, but the currency also presents excellent opportunities for banks. Particularly as USD-denominated payments to and from China are replaced, banks need to position themselves to handle increasing RMB flows. Continued investment in RMB capability will allow banks to effectively serve growing client demand.
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