RMB Ranks 4th in Global Payments, 3rd in Global Trade Financing

By the end of 2024, the Chinese yuan’s share in global payments ranked fourth, while its share in global trade financing stood at third, indicating a steady rise in the internationalization of the RMB, according to data released at a conference held by the People’s Bank of China (PBOC) .

The PBOC will promote the use of renminbi (RMB) in cross-border payments, pricing, investment and financing, with an aim to facilitate international trade, investment and financing, according to its statement.

The central bank said it would develop the offshore RMB market, leverage the roles of currency swaps and RMB clearing banks, and pledged to accelerate the construction of Shanghai’s status as an international financial center and enhancing Hong Kong’s status as an international financial center.