数字人民币助力人民币国际化的思考｜国际

Core Viewpoint - The article emphasizes the importance of advancing the internationalization of the Renminbi (RMB) and the development of the digital RMB, highlighting their interconnection and the need for a robust cross-border payment system to support this process [1]. Group 1: Current Status of RMB Internationalization - The internationalization of the RMB has progressed steadily, with its share in international market payments reaching 3.13% as of January 2026, making it the fifth most active currency globally [3]. - In the first half of 2025, the RMB's cross-border payment amount increased by 14.0% year-on-year, establishing it as the second-largest trade financing currency [3]. - The RMB maintained its position as the fifth-largest transaction currency globally, with a transaction share of 8.5%, an increase of 1.5 percentage points from 2022, marking the largest growth among global currencies [3]. - Factors contributing to the RMB's internationalization include China's commitment to institutional openness, its significant role in global supply chains, and the increasing diversification of the global monetary system [3]. Group 2: Challenges Facing RMB Internationalization - The RMB internationalization faces challenges such as geopolitical shifts affecting the dollar-dominated system, domestic economic recovery issues, and existing capital project controls that limit financial market openness [4]. - The lack of internationalization in the payment and clearing infrastructure is a significant constraint on the RMB's global circulation [4]. Group 3: Development of Digital RMB - The digital RMB has established a multi-layered ecosystem, with pilot programs covering 26 regions and processing 34.8 billion transactions amounting to 16.7 trillion yuan by November 2025 [5][6]. - The digital RMB is being utilized in various scenarios, including domestic retail trials and cross-border payment initiatives, with significant transaction volumes in cross-border payments [6]. - The People's Bank of China has introduced a new action plan to enhance the management and service system for the digital RMB, which is expected to broaden its monetary positioning and support RMB internationalization [7]. Group 4: Cross-Border Payment System - The cross-border wholesale payment system is identified as a crucial component for RMB internationalization, facilitating easier use of RMB in international trade and investment [11]. - As of December 2025, the RMB cross-border payment system (CIPS) had 193 direct participants and 1,573 indirect participants across 124 countries, enhancing the global network for RMB transactions [11]. - The CIPS system aims to address traditional cross-border payment challenges such as high costs and low efficiency, thereby strengthening the RMB's international payment function [11].