International use of the renminbi dropped sharply in 2016 as capital controls and dollar strength reduced the attractiveness of China’s currency, according to new payments data released on Thursday.
The Society for Worldwide Interbank Financial Telecommunication (Swift) said the value of international renminbi payments fell 29.5 per cent compared with 2015.
The renminbi was only the sixth most used currency in 2016 despite its formal recognition in October by the International Monetary Fund as a global reserve currency, alongside the dollar, euro, yen and sterling.
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