Cross-border use of RMB accounted for 49.1% of China’s all cross border settlement in first half – PBOC
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Cross-border use of RMB accounted for 49.1% of China’s all cross border settlement in first half – PBOC
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Cross-border use of RMB accounted for 49.1% of China’s all cross border settlement in first half – PBOC

 

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The cross-border use of RMB reached 36.61 trillion yuan ($5.24 trillion) in 2021, up 29% year on year, the PBOC said in a report.

This included 18.51 trillion yuan in receipts, up 31.3% from a year earlier, and 18.1 trillion yuan in payments, rising by 26.7% on year, said the central bank.

The net inflow of cross-border yuan settlements stood at 404.47 billion yuan last year, compared with the net outflow of 185.79 billion yuan in the previous year.

Cross-border RMB settlements accounted for 47.4 percent of all cross-border domestic and foreign currency settlements in 2021, up 1.2 percentage points from the previous year.

In the first six months of 2022, the cross-border use of RMB stood at 20.32 trillion yuan, up 15.7% from a year earlier and its share against all cross-border domestic and foreign currency settlements stood at 49.1%.

Next, China will focus on expanding the yuan’s use in foreign trade and investment, steadily promote opening up of the financial markets, continuously deepen currency and financial cooperation between central banks and support healthy and orderly development of offshore yuan market, the PBOC said.