Core Insights - The global trading volume of the Renminbi has surged to approximately $817 billion daily, continuing a trend of closing in on the British Pound over the past decade [1] - According to the Bank for International Settlements (BIS), the Renminbi now accounts for 8.5% of global foreign exchange market transactions, up from 7% in 2022 [1] - The Renminbi is currently the fifth most traded currency, narrowing the gap with the fourth-ranked British Pound, which has seen its share decrease from 12.9% to 10.2% [1] - China has been actively working to enhance the global appeal of the Renminbi over the years [1]