RMB becomes the fourth payment currency in the world, and the volume of cross-border settlement related to the real economy grows rapidly
This newspaper, Beijing, September 25 (Reporter Wu Qiuyu) The People's Bank of China recently released the "2022 RMB Internationalization Report", which shows that since 2021, the amount of RMB cross-border receipts and payments has continued to grow on the basis of the previous year's high base. In 2021, the total amount of RMB cross-border receipts and payments by banks on behalf of customers will reach 36.6 trillion yuan, a year-on-year increase of 29.0%, and the amount of receipts and payments will reach a record high. RMB cross-border receipts and payments were generally balanced, with a cumulative net inflow of 404.47 billion yuan throughout the year. According to data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the share of RMB in international payments will increase to 2.7% in December 2021, surpassing the Japanese yen to become the fourth payment currency in the world, and will further increase to 3.2% in January 2022, a record high.
According to the Currency Composition of Official Foreign Exchange Reserves (COFER) data released by the International Monetary Fund (IMF), in the first quarter of 2022, the RMB accounted for 2.88% of the global foreign exchange reserves, which is higher than that when the RMB joined the Special Drawing Rights (SDR) in 2016. ) rose 1.8 percentage points in the currency basket, ranking fifth among the major reserve currencies.
At the same time, the volume of cross-border RMB settlements related to the real economy maintained rapid growth, and areas such as bulk commodities and cross-border e-commerce became new growth points, and cross-border two-way investment activities continued to be active. The RMB exchange rate has generally shown a two-way fluctuation trend, and the endogenous demand of market players to use RMB to avoid exchange rate risks has gradually increased. Fundamental systems such as RMB cross-border investment and financing, transaction settlement, etc. have been continuously improved, and the ability to serve the real economy has been continuously enhanced.
Post time: Sep-28-2022
