A 105% increase in European payments in renminbi (Rmb) to the China and Hong Kong markets is fuelling the growth of the currency’s internationalisation, according to Swift.

The platform’s latest Rmb tracker reveals that the adoption of the currency in Europe now represents 10% of the total value of Rmb payments globally. The UK and Germany have increased their usage of the currency by 123.6% and 116% respectively over the past year.

The Rmb has now climbed six places to become the seventh most-used global payments currency, accounting for 1.57% of global payments. The US dollar has reclaimed top spot from the British pound with an 8.6% increase in its global payments share to 42.08%.

Commenting on the results, Vina Cheung, HSBC’s global head of Rmb internationalisation, payments and cash management, says: “The fact that renminbi payments between Europe and Greater China have more than doubled in a year is extremely encouraging news for European businesses and governments.”

Cheung believes that businesses are strengthening their commercial ties and realising the benefits of China’s currency liberalisation programme. She adds: “It also shows government efforts to build hubs for Rmb trading and investment in Europe are starting to bear fruit.”

In the month up to July 2014, Rmb payments grew in value by 3%. At a global level, all currencies increased in value by 2% in the same month. 40% of all international flows sent from and received directly by China and Hong Kong were transacted in Rmb.