in the first eight months of this year, my country’s cross-border rmb receipts and payments amounted to 41.6 trillion yuan.
2024-10-06
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original title: in the first eight months of this year, my country’s cross-border rmb receipts and payments amounted to 41.6 trillion yuan.
the widespread use of currency in cross-border trade is an important basis for currency internationalization. a report recently released by the people's bank of china shows that the scale of cross-border use of rmb in my country has grown steadily. from january to august 2024, the total amount of rmb cross-border receipts and payments was 41.6 trillion yuan, a year-on-year increase of 21.1%.
the picture shows a bank employee counting banknotes. photo by xinhua news agency reporter li xin
the "2024 rmb internationalization report" released by the people's bank of china shows that in recent years, the proportion of rmb settlement in my country's goods trade receipts and payments has continued to increase. in 2023, the proportion of cross-border receipts and payments in rmb for goods trade accounted for 24.8% of the cross-border receipts and payments in domestic and foreign currencies during the same period. from january to august 2024, this proportion rose to 26.5%.
in terms of service trade, from january to august 2024, the total amount of cross-border rmb receipts and payments in my country's service trade was 1.2 trillion yuan, a year-on-year increase of 22.3%; accounting for 31.8% of the cross-border receipts and payments in domestic and foreign currencies during the same period.
the report also shows that since the beginning of this year, the function of rmb as an investment and financing currency has been further strengthened, and foreign investors have continued to buy chinese bonds. as of the end of august 2024, the size of foreign investors' positions was approximately 4.6 trillion yuan, accounting for 2.7% of the total domestic bond custody, an increase of 0.3 percentage points from the end of 2023.
in addition, new progress has been made in rmb pricing and settlement of commodities. the report shows that in the first eight months of this year, the total amount of rmb cross-border settlement of major commodity trade was 1.5 trillion yuan, a year-on-year increase of 22.7%. at present, my country has listed 24 international futures and options products such as crude oil and iron ore, and introduced overseas traders to provide a pricing benchmark for rmb pricing and settlement of commodity transactions.
the report stated that in the next stage, the people's bank of china will further improve the basic institutional arrangements for the cross-border use of rmb to better meet the needs of various entities for rmb transaction settlement, investment and financing, risk management, etc., deepen the opening of the financial market, and improve financial infrastructure. at the same time, we will strengthen the supervision of cross-border rmb business and coordinate financial openness and financial security. (reporter wu yu)
source: xinhuanet
