人民币结算成潮流，新兴市场主动“去美元”

Core Insights - The 138th Canton Fair in Guangzhou highlights a growing trend among overseas clients, particularly from emerging markets in Southeast Asia, Central Asia, and Africa, to request trade settlements in Renminbi [1][3] - A diesel generator manufacturer reported a significant increase in Renminbi settlements, with such orders now accounting for 10% to 20% of their total exports, up from single digits last year [3] - A report from China Construction Bank indicates that emerging markets are gradually reducing their reliance on the US dollar for international transactions, opting instead for local currencies, which has increased the frequency of Renminbi usage in cross-border trade [3] Industry Trends - The International Monetary Fund reported that the share of the US dollar in foreign exchange reserves of global southern economies fell to 58%, a 7 percentage point decrease from 2020, marking a 20-year low [3] - Emerging market economies are strengthening cooperation in trade and investment to reduce dollar usage, with a notable shift towards Renminbi pricing in trade [3] - Demand for Chinese manufactured sensors is rising in India and Russia, as these countries shift from sourcing from Europe and the US to purchasing from China due to advancements in industrial automation and smart manufacturing [5] Renminbi Internationalization - According to a report by Bank of China, the total cross-border Renminbi settlement reached approximately 64.1 trillion Renminbi (about 8.99 trillion USD) last year, reflecting a year-on-year growth of 22.5% [5] - In 2024, the Renminbi settlement for the current account is projected to be 6.3 trillion Renminbi (88 billion USD), a 15.7% increase year-on-year, with goods trade settlements amounting to 12.4 trillion Renminbi (1.7 trillion USD), up 15.9% [5]