Cross-border use of RMB up
2021-02-19
Last year, cross-border RMB settlement hit a record high of 19.67 trillion yuan, increasing 24.1% year-on-year, according to a report from China's central bank, the People's Bank of China (PBOC). More than 70 central banks and monetary authorities worldwide have incorporated the RMB into their foreign exchange reserves so far, according to the PBOC's 2020 RMB Internationalization Report.
The central bank promised to steadily push forward RMB internationalization based on market forces and the orientation of better serving the real economy.
"We expect more foreign traders to join crude oil, iron ore and other commodity futures trading and use the RMB more frequently in real commodity trading. More varieties of RMB-denominated financial products will be provided," it added.