贸易与金融开放双轮驱动 人民币国际化全面加速

Core Viewpoint - The internationalization of the Renminbi (RMB) is progressing uniquely through trade, with a focus on increasing trade share and RMB settlement proportion, supported by a current account surplus and foreign direct investment [1] Group 1: RMB Internationalization Progress - The RMB is expanding its international use, with the Cross-Border Interbank Payment System (CIPS) establishing partnerships with six foreign institutions, marking a significant milestone in its global service network [1] - The RMB's inclusion in the Special Drawing Rights (SDR) basket and the integration of China's stock and bond markets into major international indices have enhanced its global standing [2] - As of the end of Q3 2025, the scale of offshore RMB assets reached 10.42 trillion yuan, the highest in nearly 43 months [2] Group 2: Currency Swap Agreements - The frequency and scale of currency swap agreements are expected to increase, facilitating easier access to RMB for various countries, thereby enhancing its international currency status [3] - The total scale of bilateral currency swap agreements reached 4.5 trillion yuan by November 2025, the highest since December 2008 [2] Group 3: Future Outlook - The RMB internationalization is anticipated to accelerate over the next five years due to the restructuring of international trade, deepening financial openness, and rising strategic demands [4] - Capital account openness is viewed as a critical factor for advancing RMB internationalization, with expectations for significant growth in China's capital markets during the 14th Five-Year Plan period [5] - The dual drivers of trade and financial openness are expected to propel the RMB's internationalization into deeper and broader areas [5]