RMB falls to sixth place in global payments

The renminbi slipped in the global league tables for cross-border payments in the first half of 2016, as concern over depreciation dented investors’ willingness to hold the Chinese currency, the Financial Times reports. The Canadian dollar surpassed the renminbi to take fifth place among all currencies for use in international payments with a 1.96 per cent share, compared with 1.72 per cent for the renminbi. The US dollar, euro, sterling and yen hold the top four spots. China’s slip down the ranks comes after its central bank has spent more than $470bn from its foreign exchange reserves to curb depreciation. On Monday the renminbi closed its weakest end-day level since September 2010.