人民币变得越来越“好用”

Core Insights - The internationalization of the Renminbi (RMB) has reached a new level, becoming the largest settlement currency for China's foreign receipts and payments, the second largest trade financing currency globally, and the third largest payment currency [1][2] Group 1: RMB Usage and Growth - The RMB cross-border payment amount reached 35 trillion yuan in the first half of 2025, a year-on-year increase of 14%, with goods trade accounting for 6.4 trillion yuan, representing 28% of total cross-border payments [1] - The network effect of RMB international usage is gradually becoming evident due to improved policy frameworks and high-level trade investment facilitation trials [1] Group 2: Offshore RMB Market Development - The offshore RMB market is developing healthily, with over 10 trillion yuan of RMB financial assets held by foreign entities and more than 80 countries including RMB in their foreign exchange reserves [2] - Major offshore markets have RMB deposits totaling 1.6 trillion yuan, and the stock of offshore RMB bonds and Panda bonds issued by foreign institutions is approximately 2 trillion yuan [2] Group 3: Policy Recommendations for RMB Internationalization - To better serve the real economy, there is a need to optimize cross-border trade and investment RMB settlement policies and enhance the financial service capabilities of commercial banks [3] - Continued improvement of RMB financing support policies and tools is essential, along with encouraging more eligible foreign institutions to issue Panda bonds in China [3] Group 4: Support for Offshore RMB Market - There is a focus on enhancing cross-border RMB liquidity supply arrangements and optimizing the layout of clearing banks to support the development of the offshore RMB market [4] - Strengthening the position of Hong Kong as an international financial center and offshore RMB business hub is a priority [4]