RMB Tracker April 2017 April 2017

RMB Tracker SPECIAL EDITION April 2017 RMB Tracker RMB Tracker Contents April 2017 Foreword April 2017

This report provides a snapshot of the Foreword 3 With SWIFT’s Business Forum RMB – based on March 2017 data and with Executive summary 4 London taking place on 25 April additional analysis from SWIFT. It also includes 2017, I am delighted to present an overview of the FX market with a deep The FX Market 6 dive into London as well as industry insights a special edition of the SWIFT from OMFIF (Official Monetary and Financial Top FX currencies 7 RMB Tracker. The tracker Institutions Forum). In the report, the OMFIF SWIFT insights on Renminbi (CNY) usage in the FX market 8 shares their views about London’s FX market presents a monthly ranking and potential expectations for the RMB in the London as an FX centre 10 and weighting of the RMB region. compared to other worldwide UK as a payment centre 12 Looking ahead, critical success factors currencies. Special editions for further development of RMB US and Germany are the two main partners for the UK 12 Foreword by such as this report focus on internationalisation include: London as a payment hub 13 Javier Pérez-Tasso Chief Executive, Americas and UK, providing the community with Connectedness to the global economy: London as a key CNY Player 14 SWIFT more in-depth understanding of The RMB’s inclusion in the Special Drawing Rights (SDR) basket in October 2016 along OMFIF Commentary 17 the use of currencies, payment with four other major currencies was an Conclusion 18 corridors and specific progress important milestone. However it needs to be further supported by broader connectivity. Measure your performance with SWIFT FX Performance Insights 19 on RMB adoption. Progress on RMB internationalisation correlates with more banks serving Support your RMB strategy with fact-based insights 19 their customers in RMB, and through improvements in RMB clearing and settlement infrastructures such as offshore clearing centres and China’s Cross-border Interbank Payment System (CIPS).

Supporting products and services: Financial institutions will need to continue to optimise products and services for their customers to further support growth. Tools such as business intelligence, messaging conversion and networks form part of these foundations for growing the global footprint of the RMB.

Ongoing focus on standards and compliance: A global currency requires ongoing industry focus on efficiency, automation and global message standardisation. As part of the journey, SWIFT compliance with local and global regulations is Leah Capili ever more important. Sarah L’Ortye Laetitia Moncarz I hope you find the report insightful, which Michael Moon underlines London’s strength as a global Wim Raymaekers financial hub. Sam Romilly Astrid Thorsen

2 3 Steady year-on-yearRMB Tracker RMB Tracker Executive Summary April 2017 CNY is the #1 currencyApril 2017 increase of CNY FX for payments between Despite slowing foreign exchange transactions over the last 5 (FX) trading and international the UK and China / years CNY ranked payments volumes, London has 1 Hong Kong retained its position as one of the #5 as a world FX currency largest and most interconnected 5 in trading value financial centres in the world. It remains the key FX and payment centre globally, with a dominant position for trading currencies, including the Chinese renminbi CNY ranked #6 as More than (RMB). a world payments currency in value This edition of the SWIFT RMB 6 Tracker focuses on the key role London plays in global FX and 1/3 1,300 payments markets, as well as its More than one third financial institutions central role in facilitating usage of offshore CNY FX around the world are of the RMB in multiple payments transactions are conducted corridors around the world. using the CNY for by UK payments with China This special edition expands on and Hong Kong key highlights from SWIFT Watch March 2017.

From 1.8M CNY FX trades in 2011 to 13M in 2016

of financial institutions FX insights in the UK are using the CNY to exchange 50% payments with Hong Kong & China Note to the reader

In order to have a holistic view of the FX market, public data from the BIS Triennial Central Bank Survey of foreign exchange and OTC derivatives markets in 2016 has been used together with SWIFT data for this special edition. The Hong Kong is second with 29.3% evolution of currency pairs from CLS is More than also presented. These sources, together of UK payments with SWIFT Business Intelligence data accessed via SWIFT Watch, offer a transactions (all comprehensive view of the FX market. currencies) are the United States and France Please note, for the purpose of this 50% conducted with 2 are tied for third at 7.3% report, the currency code CNY and RMB countries have equivalent meaning. CNY is the ISO 4217 currency code for the China Yuan US (38%) and Germany (16%) Renminbi. Behind the USD, EUR, GBP, JPY and This analysis also covers the UK as a and Singapore is fifth with 5% CAD and just above the AUD and CHF payment centre. Payments instructions Payments insights (commercial payments and institutional transfers) available via SWIFT Watch are used as a proxy to measure the trading activity. Letters of credit and Behind the USD, EUR, JPY and GBP other documentary trade products are and just ahead of the AUD and CHF excluded.

4 5 The FX market is one of the largest drivers of financial flows in the world but as RMBa decentralized Tracker RMB Tracker The FX Market April 2017 Growth in many currency pairs such as USDJPY, EURJPY, USDZAR, EURCHF April 2017 market it can be difficult to compile comprehensive metrics. According to the Bank for International Average daily spot volume (US billions) by currency pair in March 2017 vs one month and one year ago Settlements (BIS) Triennial Central Bank Survey, global trading in foreign exchange markets averaged Source: FX trading activity Review - CLS Analytics around USD 5.1 trillion per day in April 2016. This survey is based on questionnaire responses submitted by over 1,500 institutions.

SWIFT can add unique insight into this market as almost every FX player either exchanges FX confirmations over SWIFT or submits them directly to CLS (again over SWIFT). The most widely used message, the MT 300, confirms the FX instruments of Spots, Forwards and Swaps and is sent and received by nearly 8,000 SWIFT users (BIC8s) in over 200 countries. 0 50 100

EUR USD

USD JPY 90 +11% GBP USD

USD CAD

AUD USD

EUR GBP 13 +13% Notes USD CHF Top FX currencies In the same way that London dominates as a Currency pairs that grew compared to EUR JPY 11 +24% last year are highlighted in red FX centre, the USD currency remains the most USD MXN HUF was added to the CLS platform in prominent traded. This is demonstrated by November 2015, so the growth reflects NZD USD looking at the three most relevant sources for ramp-up on the platform USD SGD FX market data: the (BIS) Triennial Central Bank USD ZAR 7.9 +20% Survey, CLS and SWIFT. % change vs March 2016 EUR CHF 7.6 +21%

USD HKD 7.3 +30% February 2017 –– BIS data shows the USD being on one side USD KRW of 88% of FX trades in April 2016 (sell or EUR SEK buy). EUR NOK

GBP JPY –– For transactions that did not settle in CLS in

EUR AUD 3.4 +13% 2016, SWIFT data shows that the USD:EUR

AUD JPY currency pairs accounted for 23.6% of the nominal value. USD:JPY was second at USD SEK 3.3 +15% 12.3%, followed by USD:GBP at 9% and USD NOK 3 +17% USD:CNY at 6.6%. AUD NZD 2.9 +22%

EUR DKK –– CLS data shows that USD currency pairs

EUR CAD made up eight of the ten top currency pairs

USD ILS 1.5 +27% settled in CLS.

GBP AUD 1.2 +36%

USD DKK 0.83 +56%

CAD JPY

GBP CHF

GBP CAD

USD HYF 0.047 +71%

6 7 RMB Tracker RMB Tracker SWIFT insights on April 2017 April 2017 Renminbi (CNY) usage in the FX market INSIGHT #3 BY VALUE CNY ranked #5 as a world FX currency in trading value 14.7% Others In terms of confirmations sent INSIGHT #1 over SWIFT, and excluding trades that settle in CLS, the CNY More than one third of CNY is the 5th global currency 5.0% Singapore 36.3% KRW global CNY FX trading in terms of value behind the activity is conducted by USD, EUR, JPY and GBP and HKD the UK United just above the AUD and CHF. TRY 36.3% of the CNY FX 7.3% France The Renminbi is not one of the SGD transactions, excluding China, Kingdom G-10 currencies but in terms RUB are conducted with the United of traded value it is well above MXN Kingdom, which is a reflection any of the other emerging BRL of the strong position London market currencies. has in the global FX market. 7.3% United States ZAR Hong Kong is second with PLN 29.3%, the United States and France share third place with 7.3%; and Singapore is fifth INSIGHT #4 with 5%. 29.3% Hong Kong CNY/USD is the 5th highest currency pair in nominal amount for trades not settled in CLS In March 2017 the prominent role of the CNY/USD pair has BY VOLUME Top 5 countries doing FX transactions in RMB not changed: 97.1% of CNY Transactions sent and received by value, excluding China, March 2017 SPOTs, SWAPs and FORWARDs combined trading is against the USD, Source: SWIFT Watch and there is no substantial liquidity in any other CNY pair. In 2016 CNY/USD was the 5th highest currency pair in trading value for trades that did not CNY 13.0M settle in CLS. TRY 11.6M KRW INSIGHT #2 Total value of the FX transactions HKD

Steady increase in CNY FX RUB transactions over the last Number of FX SGD 5 years transactions MXN

Recent SWIFT data PLN demonstrates that the number of FX trades in CNY reached 6.7M INR more than 13 million in 2016. ZAR The total monthly turnover of the CNY has reached over 4.3% of total turnover should 3.2M be confirmed over SWIFT (as 2.2M of March 2017). 1.8M Overall, CNY FX transactions have increased substantially over the last 5 years, but 2011 2012 2013 2014 2015 2016 trading value declined in 2016. FX transactions in RMB since 2011 Foreign exchange transactions evolution of top 10 non G10 currencies New confirmations minus cancellations New confirmations minus cancellations,Worldwide transactions sent and received by value and by volume Worldwide transactions sent and received by value and by volume Source: SWIFT Watch Source: SWIFT Watch

8 9 RMB Tracker RMB Tracker April 2017 April 2017

London has dominated Despite uncertainties, the global foreign London remains the exchange market for uncontested FX leader. nearly half a century, The BIS survey from London as with the business April 2016 shows the being built on both the United Kingdom with the sterling’s history as highest concentration of modern commerce’s foreign exchange trading first global currency value (36.9%), well above and on London’s central the United States which a FX Centre location in a time zone is second at 19.5%. The that facilitates trades Asian trading hubs of for clients from Asia, Tokyo, Singapore and through the European Hong Kong show strong trading day, to the increases in activity and Americas. Substantial now together account trading volumes have for 20.8%. In European been a wealth driver in countries with strong FX the UK economy. activity, such as France, Germany, Sweden, Denmark and the Netherlands, combined trading activity accounted for around 10% of global turnover. 36.9% highest concentration of foreign exchange trading value

10 11 RMB Tracker RMB Tracker London as a payment centre April 2017 April 2017

Besides being the largest FX trading centre in the world, London is a payment London has a dominant position for international payment hub settlements and international securities settlements. Its robust infrastructure supports those activities. The combination of a vibrant FX market, a robust payments CNY infrastructure and a strong banking industry make the UK EUR

a top choice for international GBP banking. London is therefore a Top corridors for Worldwide Top corridors natural hub to connect different HKD parts of the world for payments. USD payments done by for payments It is important to highlight that United Kingdom the UK plays an intermediary role in EUR payments. A clear US and Germany are the illustration is the fact that 62% of two main partners for EUR payments (in volume) transit via the UK1. the UK Cross-border payments from While payments to and from the the UK are made in a variety UK transverse a multitude of of currencies. As shown in the markets around the world, SWIFT chart top currencies used for Evolution top currencies used for payments done between UK and CN/HK data shows that the UK-US cross-border payments with International payments sent and received between United Kingdom and China/Hong Kong, by value corridor was the most important the UK include the USD and Source: SWIFT Watch 16% 6% corridor, accounting for 38% of GBP, followed by CHF. Other UK-Germany US – Canada international payments sent and currencies accounted for smaller received by the UK in March shares of payments. 2017. For the same period, this 7% 5% corridor was followed by the When examining all cross-border UK-Germany corridor at 16%, payments in the UK, CNY can be UK-France UK – Germany the UK-France corridor at 7%, considered as a minor currency the UK-Belgium corridor at 5% compared to the GBP and USD. and the UK-Japan corridor at However, for payments between 5% 5% 4%. A multitude of other market the UK and China/Hong Kong, corridors accounted for the CNY is the most used currency. UK-Belgium China – US remaining 30% of cross-border payments. Based on SWIFT data from AUD January 2014 until March CAD 4% 4% Of the world’s top five payment 2017, for those transactions CHF corridors by value, the UK-US between the UK and China/Hong CNY UK-Japan US – HK remains the most important. Kong, the GBP and USD have EUR US-Canada is second and continued to rise, while the RMB GBP UK-Germany is the third most and HKD have declined slightly, International payments sent and received by value, March 2017 JPY important corridor, accounting in line with the lower usage of the Source: SWIFT Watch USD for 5% of traffic. The growing CNY on a global basis. role of China in global payments is evidenced with the China- US corridor accounting for 5% of traffic, followed by US-HK, 1 Worldwide Currency Usage and with 4%. Together, these two Trends – information paper prepared corridors might actually be the by SWIFT in collaboration with City of second largest corridor after UK- London and Paris EUROPLACE US, as we know many payments to/from China are intermediated Evolution top currencies used for cross-border payments done by UK through HK. International payments sent and received by United Kingdom, by value Source: SWIFT Watch

12 13 RMB Tracker RMB Tracker London is a key CNY Player April 2017 Official RMB Clearing Banks appointed by PBoC April 2017 Geographical location

The value of international CNY payments was on a negative trajectory That decrease in payments may

in 2016 and fell by 16% compared to 2015, dropping from 2.03 % be attributed to a convergence of Zurich Hong Kong London Frankfurt CCB BOC CCB of international payments in March 2015 to 1.78% of international events, including the slowdown BOC Nov. 2015 2003 payments in March 2017. of the Chinese economy, the Jun. 2014 Jun. 2014 volatility of the CNY exchange rate and regulatory measures on capital outflows. 1 USD 44.64% 1 USD 41.80% Seoul 2 EUR 27.21% 2 EUR 31.20% BOCOM Paris Jul. 2014 3 GBP 8.49% 3 GBP 7.13% Despite the slowdown, the Toronto BOC Moscow Macau 4 JPY 3.07% 4 JPY 3.31% CNY remains a strong currency ICBC Sept. 2014 ICBC BOC 5 CNY 2.03% 5 CAD 2.00% Nov. 2014 Mar. 2017 Sept. 2004 6 CAD 1.93% 6 CNY 1.78% for payments, and RMB 7 AUD 1.88% 7 AUD 1.65% internationalisation will continue 8 CHF 1.64% 8 CHF 1.64% to benefit from major financial 9 HKD 1.17% 9 HKD 1.24% infrastructure milestones, such 10 THB 1.04% 10 SEK 1.03% Taipei Bangkok BOC 11 SGD 0.88% 11 THB 1.00% as growing usage of China’s ICBC Luxembourg Dec. 2012 Jan. 2015 12 SEK 0.81% 12 SGD 0.95% Cross-border Interbank Payment New York ICBC 13 NOK 0.67% 13 NOK 0.68% BOC Sept. 2014 System (CIPS) for cross-border Sep. 2016 14 DKK 0.53% 14 PLN 0.53% clearing, and increasing usage of 15 PLN 0.50% 15 ZAR 0.44% 16 NZD 0.45% 16 MYR 0.43% the RMB in newly-initiated RMB Doha 17 ZAR 0.45% 17 NZD 0.41% offshore clearing centres such as ICBC 18 MXN 0.39% 18 DKK 0.37% Singapore New York, Dubai and Moscow. Johannesburg Nov. 2014 ICBC 19 TRY 0.35% 19 MXN 0.36% BOC Feb. 2013 20 HUF 0.22% 20 TRY 0.25% Jul. 2015 Dubai Indeed, the People’s Bank of AGBANK Dec. 2016 China (PBoC) has continued to Sydney appoint RMB clearing banks in BOC Feb. 2015 additional markets around the RMB’s share as an international payments currency Santiago Customer initiated and institutional payments.Messages exchanged on SWIFT. Based on value. globe to facilitate growth in CNY CCB May. 2015 Source: SWIFT Watch usage for offshore trading and Lusaka cross-border payments. The BOC Kuala Lumpur Buenos Aires Sep. 2015 BOC number of RMB clearing banks ICBC Jan. 2015 rose from just one in Hong Kong Sep. 2015 in 2003 to 19 by the end of 2015, and then grew further to 22 with the addition of New York and Dubai in 2016 and Moscow in 2017. Official RMB Clearing Banks appointed by PBoC +21% Timeline Doha ICBC 1.300 Nov. 2014 Johannesburg 1.077 BOC Along with a rise in the number Jul. 2015 March of designated clearing banks, the 2015 number of financial institutions Hong Kong Singapore Seoul Toronto Sydney Dubai Moscow BOC ICBC BOCOM ICBC BOC Zurich AGBANK ICBC using CNY around the globe 2003 Feb. 2013 Jul. 2014 Nov. 2014 Feb. 2015 CCB Dec. 2016 Mar. 2017 March +27% and in London in particular is Nov. 2015 2017 668 increasing. Globally, more than 528 +12% 1,300 financial institutions around 2003-2011 2012 2013 2014 2015 2016 2017 the world are using the CNY 2003 - 2011 2012 2013 2014 2015 2016 2017 +17% 409 365 for payments with China and +29% 134 Hong Kong, representing 43% 115 of all institutions exchanging Macau Taipei Frankfurt Paris Kuala Lumpur Chile Argentina New York 89 payments with the latter across BOC BOC BOC BOC BOC CCB ICBC BOC 69 all currencies. In the UK, 50% Sep. 2004 Dec. 2012 Jun. 2014 Sep. 2014 Jan. 2015 May. 2015 Sep. 2015 Sep. 2016 of the financial institutions are using the CNY for payments with China and Hong Kong which is 26% 33% 37% 43% 36% 44% 33% 40% 35% 43% well above the overall countries in Europe having an average share London Luxembourg Bangkok Zambia Africa - Middle East Asia Pacific Americas Europe World CCB ICBC ICBC BOC of 40%. Jun. 2014 Sep. 2014 Jan. 2015 Sep. 2015 Number of financial institutions using RMB for payments International payments sent and received directly with China and Hong Kong Source: SWIFT Watch

14 15 RMB Tracker RMB Tracker Top 15 offshore RMB April 2017 April 2017 economies by weight – March 2017

Hong Kong 76.14% There’s nothing like a little and the UK has been reached. external pressure to push you Nevertheless London maintains London as a hub along, and with both Brexit and an edge for commodities trading United Kingdom 5.66% a new digital revolution well and retains the advantage as the under way, London is well set to largest global foreign exchange Singapore Based on March 2017 data, 4.19% to operate globally benefit from its predisposition centre. Additional benefits of Hong Kong is the largest RMB for innovation, adaption and time zone, liquidity pools, cluster Korea, Republic of 2.82% offshore payments market with a 76.14% activity share. But reinvention. advantages, language and being not just to Europe an attractive place to live have London is the largest RMB United States 2.60% payments centre outside of The close financial cooperation allowed and will continue to allow greater China with a 5.66% between the UK and China, London to thrive. From Adam Cotter │ Taiwan 2.45% share, well above the 4.19% along with the inevitable future Head of Asia and Chief Representative, held by the next highest market, role of the renminbi as a reserve It will undoubtedly take time OMFIF Singapore currency, leads many to think for renminbi denominated France Singapore. 1.52% the Chinese currency is an assets to gain popularity. obvious place to start. According Beijing has indicated keeping Australia 0.93% to SWIFT data, London has the renminbi stable is a priority Customer initiated and institutional OMFIF, the Official Monetary and long overtaken Singapore as in the short run while further Japan 0.77% payments. Inbound + Outbound traffic. Financial Institutions Forum, is an the largest true offshore hub, internationalisation of the Based on value. Excluding China independent think tank for central second only to Hong Kong in currency remains a long run goal. Source: SWIFT Watch banking, economic policy and public Germany 0.54% renminbi clearing. Cranking The stock connect will unlikely investment and constitutes a non- up innovation, to make the be hugely successful in the short lobbying network for best practice most of the rapid evolution of term but it will be important Belgium 0.33% in worldwide public-private sector exchanges. digital technology and artificial for future market development intelligence along with London’s leading the City to play a vital Luxemburg 0.29% Clearing centres OMFIF presents its views on the historical international perception role in the global trading day prominent role of London as a FX will go some way in driving a rise between Shanghai and New York. Market and an important stakeholder Macau 0.25% of renminbi related products into Non clearing centres for RMB Internationalisation, as follows. new markets. Netherlands 0.23% US and Asian banks and asset managers have long used London Canada 0.21% as a global offshore finance hub, and the much touted setup of a stock-trading link between London and Shanghai, bridging the time difference between the US, UK and China, will enable London to emerge well placed at the centre of a global network of connected exchanges.

There will also be an expectation the Square Mile can take advantage of its role as an offshore centre and potentially more favorable regulatory environment following it’s exit from the EU, whilst evading the posed threats to both investment and access to talent. The impact on London of the UK’s exit from the EU however will remain unclear until an agreement between the EU27

16 17 RMB Tracker RMB Tracker Conclusion April 2017 April 2017

Despite declines in FX trading Measure your performance with Support your RMB strategy with volumes globally and market SWIFT FX Performance Insights fact-based insights uncertainties, London’s position The FX market is one of the largest in the The growing importance of the RMB currency as a leading FX trading and world but as a decentralized market it is and its role in financial markets is evident. very difficult to compile accurate aggregated Because of this, financial institutions and payment centre continues to be metrics. There isn’t one “exchange” where corporates have already started to build strong. Trading and payments every trade is recorded. At Sibos 2016, their RMB strategy or are planning to do so SWIFT announced a new FX service that in the near future but need more fact-based in CNY in the UK also continues allows its customers to continuously measure information to identify where their organisation to grow, supported by usage their FX business performance and make stands. more informed strategic decisions, based on of the CNY in both global and metrics derived from actual transactions rather To address these issues, SWIFT Business domestic markets. Strong than survey-based information Intelligence provides a free Monthly RMB infrastructure, availability of Tracker. Furthermore, in order to provide more granular market information and a –– SWIFT FX Performance Insights enables talent and the geographical competitive framework, SWIFT has developed you to continuously measure your FX a comprehensive offering: location of the UK are business performance against those considered to be its strengths. of your peers, and thus make better –– At the core of SWIFT Business informed strategic decisions based on Intelligence sits the Watch platform, a The UK’s role as a preeminent metrics derived from actual transactions portfolio of online reporting and analytical global financial centre currently rather than survey-based information. tools that give you direct and easy access to business intelligence about –– The service provides a view on the remains on a strong footing, your financial institution and the global institution’s performance against its financial industry. For example, Watch even amidst rapid changes in peers across multiple permutations Analytics provide you with direct access of segments, currencies and flows. markets around the globe. to business data of RMB transactions SWIFT has a unique data set and the allowing you to perform a more dynamic aggregated data and insights provide search and analysis. valuable additional insight to help our customers constantly improve their client –– More granular market information and a proposition. The values provided are competitive framework can be acquired the total number of transactions, and through SWIFT’s extended RMB Market the total value in USD equivalent for that Insights analysis report. SWIFT’s RMB month. The rankings are provided for Market Insights report responds to the each month/quarter, the previous month/ needs of SWIFT customers (both Watch quarter, and for the same month/quarter product users and non-users). With of the preceding year. this, you can benefit from fact-based quarterly market analysis using unique –– The service deliverables are a set of data only available from SWIFT Business monthly reports provided in a PDF- Intelligence. based layout. Individual details on each of the peers, anonymised except for that –– Similarly, the customised RMB analysis of the subscriber, are shown in order of leverages SWIFT’s unique data and ranking for that month. provides crucial competitive and strategic insights to optimise your For further information about SWIFT FX business and support your decision- Performance Insights, please visit making. www.swift.com or e-mail [email protected] For further information about SWIFT’s Business Intelligence RMB Consulting Services and the full Business Intelligence portfolio, please visit www.swift.com or e-mail [email protected]

18 19 About SWIFT and RMB About SWIFT Disclaimer Internationalisation SWIFT is a global member-owned This report is provided for information Since 2010, SWIFT has actively cooperative and the world’s leading only. If the customer or any third party supported its customers and the provider of secure financial messaging decides to take any course of action financial industry on the topic of RMB services. We provide our community or omission based on this report and/ internationalisation through various with a platform for messaging, or any conclusion contained therein, publications and reports. Through its they shall do so at their own risk and Business Intelligence Solutions team, standards for communicating and we SWIFT shall not be liable for any loss SWIFT publishes key adoption statistics offer products and services to facilitate or damage, arising from their acts or in the RMB Tracker, insights on the access and integration; identification, omissions based on this report and/ implications of RMB internationalisation, analysis and financial crime compliance. or any recommendations contained perspectives on RMB clearing and Our messaging platform, products and therein. offshore clearing guidelines, as well as services connect more than 11,000 engaging with offshore clearing centres banking and securities organisations, and the Chinese financial community to market infrastructures and corporate support the further internationalisation customers in more than 200 countries of the RMB. and territories, enabling them to communicate securely and exchange The SWIFT network fully supports standardised financial messages in a global RMB transactions, and its reliable way. As their trusted provider, messaging services enable Chinese we facilitate global and local financial character transportation via Chinese flows, support trade and commerce all Commercial Code (CCC) in FIN or around the world; we relentlessly pursue via Chinese characters in MX (ISO operational excellence and continually 20022 messages). In addition, SWIFT seek ways to lower costs, reduce risks collaborates with the community to and eliminate operational inefficiencies. publish the Offshore and Cross-Border Headquartered in Belgium, SWIFT’s RMB Best Practice Guidelines, which international governance and oversight facilitate standardised RMB back office reinforces the neutral, global character operations. of its cooperative structure. SWIFT’s global office network ensures an active Please visit www.swift.com for presence in all the major financial more information about RMB centres. Internationalisation or join our new ‘Business Intelligence Transaction For more information, Banking’ LinkedIn group. visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT