Use of the renminbi is gaining ground globally

More financial institutions are using Chinese currency for payments, says SWIFT study

Payments worldwide using the Chinese currency, the renminbi, nearly tripled in value in the two years ending in August, Belgium-based global payment services company SWIFT said late Thursday in a statement.

The renminbi is now supported by a much broader base, with 35 percent more financial institutions using the renminbi for payments with the Chinese mainland and Hong Kong, SWIFT's latest renminbi Tracker showed.