Measured in terms of transaction values, the RMB edged up to fourth place in August in the international payment transactions ranking. According to data from SWIFT, more than 1,700 banks worldwide (from a total of just over 10,000 participants in the SWIFT network) clear payments in RMB.
In the past, the Chinese government strengthened the RMB offshore markets, giving importers outside China a means of paying in RMB. For the political leaders, this was part of the long-term strategy to open up the markets with greater convertibility of RMB while retaining the ability to exercise control.