Core Insights - The "White Paper on Renminbi Internationalization" released by the Bank of China indicates continued progress in Renminbi (RMB) internationalization in 2024, with an increase in cross-border RMB settlement and enhanced international monetary functions [1] Group 1: Cross-Border RMB Settlement - The total cross-border RMB settlement volume in 2024 is approximately 64.1 trillion yuan, representing a year-on-year growth of 22.5% [1] - The current account cross-border RMB settlement volume is 16.3 trillion yuan, up 15.7% year-on-year, while the goods trade under the current account is about 12.4 trillion yuan, increasing by 15.9% [1] - The capital account cross-border RMB settlement volume is 47.8 trillion yuan, with a year-on-year growth of 24.9%, and the securities investment cross-border RMB settlement volume is 28.7 trillion yuan, up 28.8% [1] Group 2: RMB Usage in Global Payments - In 2024, the RMB's share in payment clearing, trade financing, foreign exchange transactions, and foreign exchange reserves is 4.2%, 5.5%, 5.0%, and 2.2% respectively, showing varying degrees of improvement compared to 2023 [2] - The RMB ranks as the fourth largest payment currency, third largest trade financing currency, fifth largest foreign exchange trading currency, and seventh largest reserve currency globally [2] Group 3: Survey Insights on RMB Internationalization - A survey conducted by the Bank of China among over 2,200 domestic enterprises and nearly 1,100 overseas enterprises indicates a steady increase in the RMB's monetary functions, with a notable rise in the willingness of foreign enterprises to use RMB [2] - Small and micro enterprises show a higher recognition of the convenience of cross-border RMB usage, particularly those with a higher proportion of export income [2] - The survey results highlight that over 90% of domestic and foreign enterprises recognize the advantages of using local currency for settlement, with 80% acknowledging the convenience of local currency transactions [3] Group 4: Regional Feedback and Multilateral Cooperation - Enterprises in ASEAN and surrounding regions show a positive response regarding the willingness to use RMB, indicating a stronger foundation for RMB regionalization [3] - The depth and breadth of offshore markets have improved, with more foreign enterprises reporting easier access to RMB products and services, particularly in ASEAN, Europe, and Latin America [3] - The momentum for multilateral cooperation is strengthening, with approximately 37% of surveyed enterprises believing that cross-border RMB usage fosters financial and trade stability [3]
2025年《人民币国际化白皮书》在港发布