Use of renminbi for payments drops in 2016
Swift blames the slowing economy, a more volatile currency and capital restrictions
The renminbi's usage as a payment currency fell by nearly one-third in 2016, to 1.68% of transactions worldwide at the end of the year, according to data from payments infrastructure company Swift.
It is now the sixth most-used currency worldwide after the dollar, euro, pound, yen and the Canadian dollar.
Between early 2012 and late 2015, the renminbi's share of cross-border payments increased nine-fold, from occupying a quarter of a per cent of international payments to 2.31%. At its zenith in
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