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France plays leading RMB role

By Li Xiang in Paris | chinadaily.com.cn | Updated: 2013-04-26 13:52

France holds a leading position in RMB payments in the eurozone, recording a 249 percent growth in the value of payments since March 2012, according to SWIFT, a messaging system used by international banks.

In March 2013, 21.4 percent of payments made between China and France were denominated in yuan, against only 6.5 percent a year ago, the Society for Worldwide Interbank Financial Telecommunication said on Thursday.

It also noted that the majority of RMB payments made were institutional transfers (95 percent), while only 5 percent were customer payments.

"This is an interesting development as it signifies France's drive to become a leading RMB trading center for Europe," said Lisa O'Connor, RMB director at SWIFT.

"French acceleration in RMB payments reflects increased competition with the UK since the Bank of England announced that it had signed a three-year currency swap agreement with China in March," she said.

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