全球交易量跃升至8.5% 推进人民币国际化新机遇窗口已至

Core Insights - The internationalization of the Renminbi (RMB) has made significant progress, with daily global trading volume reaching $817 billion, accounting for 8.5% of the global foreign exchange market [1] - The RMB is now the fifth most traded currency globally, with its share rapidly closing in on the British Pound, which has decreased from 12.9% to 10.2% [1] - The RMB's status as a settlement and investment currency has improved, with cross-border RMB payments reaching 35 trillion yuan, a 14% year-on-year increase [2] Dimension 1: Settlement Currency - The RMB has become the largest settlement currency for China's external payments and the second-largest trade financing currency globally [2] - In the first half of 2025, RMB cross-border payment amounts reached 6.4 trillion yuan, representing 28% of total cross-border payments, marking a historical high [2] Dimension 2: Investment Currency - As of July 2023, foreign entities held over 10 trillion yuan in domestic RMB financial assets, with RMB bonds and stocks included in major global asset indices [2] - Offshore RMB deposits reached 1.6 trillion yuan, with offshore RMB bonds and Panda bonds issued by foreign institutions totaling approximately 2 trillion yuan [2] Dimension 3: Reserve Currency - Over 80 foreign central banks have included the RMB in their foreign exchange reserves, with its share in global reserves rising to 2.88% in Q1 2025, up from 1.08% in 2016, reflecting a growth of over 270% [2] New Opportunities for RMB Internationalization - The current trend towards a multipolar international monetary system presents new opportunities for RMB internationalization [3] - The decline of the US dollar's dominance in global reserves and payments is paving the way for non-USD currencies like the RMB to gain traction [3] - China's economic stability and financial market openness provide a solid foundation for RMB internationalization [3] Expansion of RMB's Network - As of September 30, 2023, the People's Bank of China has signed bilateral currency swap agreements with 32 countries, totaling approximately 4.5 trillion yuan, enhancing RMB liquidity globally [4] Unique Path for RMB Internationalization - The RMB internationalization process is market-driven, focusing on facilitating trade and investment while removing barriers to RMB usage [5] - The offshore RMB market is expected to become a key arena for RMB internationalization, particularly in direct foreign investment [5] Offshore RMB Market Development - Recommendations include increasing the supply of offshore RMB safe assets and expanding onshore markets to enhance the availability of RMB as a reserve currency [6] - The digital RMB is anticipated to create new pathways for RMB internationalization, optimizing resource allocation and reducing transaction costs [6] Conclusion - With ongoing economic development, financial market openness, and international cooperation, the RMB is poised to play a more significant role in the global monetary system, contributing to the diversification of the global financial landscape [7]