China launched a cross-border renminbi payments system yesterday, a big step in its drive to boost international use of the Chinese currency and protect itself from US spy agencies with access to the Swift system.
Chinese leaders want the renminbi to rival the US dollar as a global currency for trade and investment. The “redback” is now the fourth most-used currency for global payments but its share by value remains low — just 2.8 per cent in August, according to Swift.
In addition to opening its domestic capital markets to foreign investment, authorities hope replacing the convoluted system for clearing and settling renminbi payments with a streamlined platform will promote greater use of the Chinese currency.
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