The Chinese renminbi overtook the Canadian and Australian dollar as a global payments currency in November 2014, and now takes position behind the yen, pound, euro and US dollar, according to SWIFT data.

After nearly one year firmly positioned at #7, the renminbi has entered the top five of world payment currencies since November 2014, overtaking both the Canadian dollar and the Australian dollar by value. Just two years ago, in January 2013, the renminbi was ranked #13 with a share of 0.63%. In December 2014, the Chinese currency reached a record high share of 2.17% in global payments by value and now trails the yen which has a share of 2.69%.

"The renminbi breaking into the top five world payments currencies is an important milestone" says Wim Raymaekers, head of banking markets at SWIFT. "It is a great testimony to the internationalization of the renminbiand confirms its transition from an "emerging" to a "business as usual" payment currency. The rise of various offshore renminbi clearing centres around the world, including eight new agreements signed with the People's Bank of China in 2014, was an important driver fuelling this growth".

Overall, global renminbi payments increased in value by 20.3% in December 2014, while the growth for payments across all currencies was 14.9%. The Chinese currency has been showing a consistent three digit growth over the past two years with an increase in value of payments by +321%. Over the last year, renminbi payments grew in value by 102% compared to an overall yearly growth for all currencies of 4.4%.