China Currency Control Effects: Less RMB

Or less trade?

Fast FT: Renminbi’s share of Swift payments dips in April
The Chinese currency’s use in international transactions via Swift’s global bank payment messaging network dipped to 1.82 per cent, down 0.06 percentage points from the previous month and down from 2.45 per cent at the start of the year.

The lower share of global payments is a setback for efforts to internationalise the renminbi, which appear to have taken a back seat to preventing greater capital outflows that could push the currency’s value below Beijing’s comfort zone.

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