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World News November 8, 2023

Chinese renminbi internationalization progresses steadily

The Chinese renminbi (yuan) is becoming increasingly internationalized. Cross-border renminbi transactions reached 39 trillion yuan ($5.4 trillion) in the first three quarters of 2023, up 24% from the previous year. The growth has been consistent over the years, with an average annual growth rate of 37%. Efforts are underway to improve clearing and settlement processes.

The renminbi’s global standing is strengthening. It ranks second in global trade financing, with a 5.8% share. In foreign exchange market transactions, it holds the fifth position. Among allocated forex reserves, it’s the fifth major reserve currency worldwide. Central banks hold about 2.5% of renminbi reserves, showing a slight decline from its peak in 2022.

The People’s Bank of China has established currency swap arrangements with 40 countries and regions, indicating increasing international use of the renminbi. To ensure sustainable development, it’s crucial to manage risks, expand openness, and promote renminbi internationalization in a measured manner.

Source – CGTN

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