Xin Hua Cai Jing·2025-12-25 02:13Core Insights - The internationalization of the Renminbi (RMB) is accelerating, with a 14.0% year-on-year increase in cross-border RMB payments in the first half of the year, making it the second-largest trade financing currency and the third-largest payment currency globally [1] - The inclusion of RMB in the International Air Transport Association's (IATA) clearing system marks a significant milestone in the functional recognition of RMB in international financial clearing [1] - The transformation of RMB from a payment tool to an operational currency is evident, particularly among European companies deeply engaged in the Chinese market [2] Group 1: RMB's Role in Global Trade - RMB is increasingly embedded in global industrial division and multinational corporate operations, transitioning from a foreign exchange currency to an operational currency for European enterprises [2] - The local procurement, production, and sales cycles established by companies like Volkswagen and BMW in China create a natural demand for RMB as a key currency for pricing, settlement, and asset-liability management [2] Group 2: Corporate Adoption of RMB - The core motivation for multinational companies to adopt RMB has shifted from merely saving on exchange costs to enhancing risk management and optimizing global liquidity structures [3] - By integrating RMB into their internal settlement systems as a functional currency, companies achieve valuable natural hedging against financial risks from exchange rate fluctuations [3] Group 3: Institutional and Market Developments - The RMB internationalization process has made significant progress in institutional frameworks and market product innovation, transitioning from a regional payment method to a global trading and reserve network [4] - The establishment of offshore RMB market cooperation in bilateral mechanisms indicates a shift from spontaneous market behavior to coordinated policy efforts [4] Group 4: Global Currency System Diversification - The diversification of the global currency system, driven by changes in the global economic landscape and geopolitical factors, presents a "window of opportunity" for RMB [5] - A report indicates that 59% of sovereign institutions plan to increase their holdings of Chinese assets over the next five years, with North American sovereign funds showing a 73% willingness to invest [5] Group 5: Central Bank Perspectives - For central banks like the European Central Bank and the German Central Bank, the rationale for allocating RMB assets lies in achieving diversification of reserve assets [6] - RMB government bonds exhibit low correlation with Western assets, providing strategic hedging value and independent attributes in investment portfolios [6]