The internationalization of RMB has made steady progress, showing a series of new progress and changes

Shijiazhuang News Network Time: 2023-10-28 20:08:37 Source: CCTV Network

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CCTV news: The People's Bank of China released the Report on RMB Internationalization in 2023 yesterday (October 27). The report shows that since 2022, RMB internationalization has made steady progress, showing a series of new progress and changes.

The ability of cross-border RMB business to serve the real economy was strengthened. In 2022, the total amount of RMB cross-border receipts and payments of bank agents will be 42.1 trillion yuan, up 15.1% year on year. Among them, the amount of cross-border receipts and payments of goods trade in RMB accounted for 18.2% of the total amount of cross-border receipts and payments of local and foreign currencies in the same period. From January to September 2023, the amount of cross-border receipt and payment of RMB will be 38.9 trillion yuan, an increase of 24% year on year. Among them, the amount of cross-border receipts and payments of goods trade in RMB accounted for 24.4% of the total amount of cross-border receipts and payments of local and foreign currencies in the same period, up 7 percentage points year on year, the highest level in recent years.

The function of RMB financing currency was improved. By the end of 2022, the stock of RMB international debt securities announced by the Bank for International Settlements was US $173.3 billion, ranking 7th, up 2 places year on year. According to the data of the World Bank Financial Telecommunication Association, by the end of 2022, RMB accounted for 3.91% of global trade financing, up 1.9 percentage points year on year, ranking third. In September 2023, RMB accounted for 5.8% of global trade financing, up 1.6 percentage points year on year, ranking second.

Trading in the offshore RMB market became more active. In 2022, the People's Bank of China and the Hong Kong Monetary Authority signed a standing swap agreement, expanded the scale of capital swap, and further deepened financial cooperation between the mainland and Hong Kong. Since 2022, new RMB clearing banks have been established in Laos, Kazakhstan, Pakistan and Brazil, and the overseas RMB clearing network has been continuously optimized. By the end of 2022, the balance of RMB deposits in the main offshore markets was about 1.5 trillion yuan, returning to a historical high. According to the survey of the Bank for International Settlements in 2022, the share of RMB and foreign exchange transactions in the global market has increased from 4.3% to 7% in the past three years, and the ranking has risen from eighth to fifth.

Editor: Li Tongtong