CNY falls back to fifth in September’s world payments

CNY fell back into fifth place in the latest Swift ranking of currency usage for global payments. In September, CNY accounted for 2.45% share of global payments. This is down from a record high of 2.79% in August where it surpassed JPY to fourth place.

In terms of location, Hong Kong accounted for nearly 70% of global CNY payments, followed by Singapore and London. The underlying growth trend for CNY settlements however is expected to remain intact. 

"Separately, the latest employment report showed stabilization in new urban jobs creation. In Q3 2015, new urban jobs created rose by 30k vs last year and compared to +10k in Q2 and 200k in Q1. For the first three quarters, new urban jobs stood at 10.66m vs 10.82m for the same period last year. This exceeds the conservative full year target of 10m. However, job creation for the whole year will likely come in below 2014's level of 13.2mn. For USD-CNY, it is holdings steady at around 6.3567 this morning", said Commerzbank in a research note.