紧抓人民币国际化机遇 银行优化跨境服务能力

Core Viewpoint - The report by the China Banking Association indicates a steady increase in the internationalization of the Renminbi (RMB), providing significant opportunities for banks to engage in cross-border RMB business [1] Group 1: RMB Internationalization Progress - The RMB has become the fourth largest global payment currency as of November 2023, with cross-border RMB transactions reaching 52.3 trillion yuan in 2023 and projected to grow to 64.1 trillion yuan in 2024, both showing over 20% year-on-year growth [2] - The Cross-Border Interbank Payment System (CIPS) is expected to handle 175.5 trillion yuan in cross-border payments in 2024, marking a 42.6% increase [2] - By the end of 2024, the RMB is anticipated to rank as the third largest trade financing currency globally, following the US dollar and euro [2] Group 2: Opportunities for Banks - The internationalization of the RMB is creating business opportunities in cross-border RMB payments, settlements, and trade financing for commercial banks [4] - Banks are encouraged to enhance their internationalization efforts to meet diverse client needs and improve service effectiveness [4] - The report suggests that banks should leverage the RMB's internationalization to enhance their market-building and promotion roles [4] Group 3: Recommendations for Enhancing RMB Internationalization - The report recommends refining cross-border RMB facilitation policies and improving the management of cross-border RMB business for enterprises [5] - It suggests optimizing management mechanisms for key business areas related to RMB internationalization, including expanding the pilot scope for integrated currency pools [5] - Continuous improvement of the offshore RMB market is advised, including the development of investment and risk hedging tools [5]