RMB Becomes 4th Largest Payment Currency in the World

Selon le « 2022 RMB Internationalization Report » released by Peoples Bank of China a few days ago, depuis 2021, RMB cross-border revenue and expenditure have continued to grow on the high basis of the previous year. Dans 2021, the total amount of cross-border RMB receipts and payments by banks on behalf of customers was 36.6 mille milliards de yuans, une augmentation de 29.0% year-on-year, and the number of receipts and payments hit a record high. The total cross-border revenue and expenditure was 404.47 milliards de yuans. According to the Society for Global Banking and Financial Telecommunication (SWIFT), the renminbis share of international payments rose to 2.7% in December 2021, overtaking the yen to become the worlds fourth-largest payment currency and rising to an all-time high of 3.2% in January 2022.

According to official foreign exchange reserve currency composition (COFER) data released by the International Monetary Fund (IMF), in the first quarter of 2022, the renminbi accounted for 2.88% of global foreign exchange reserves, une augmentation de 1.8 percentage points from when the renminbi first joined the special drawing right (SDR) basket in 2016, ranking fifth among major reserve currencies.

À la fois, the cross-border RMB settlement volume related to the real economy has maintained rapid growth, commodities, cross-border e-commerce and other fields have become new growth points, and cross-border two-way investment activities continue to be active. The RMB exchange rate generally shows a two-way fluctuation trend, and the endogenous demand of market participants to use RMB to avoid exchange rate risks is gradually increasing. The basic systems of RMB cross-border investment and financing, transaction settlement and so on have been continuously improved, and the ability to serve the real economy has been continuously enhanced.

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