original title:
China central bank report: RMB internationalization indicators are mostly positive
China News Service, Beijing, September 23 (Reporter Xia Bin) “Renminbi Internationalization Report 2022” released by the People’s Bank of China on the 23rd said that the indicators of Renminbi internationalization are generally improving, the function of Renminbi payment currency has been consistently better, and investment and financing of currency The functions were further deepened, the function of reserve currency continued to rise, and the function of denominational currency was gradually enriched.
The report noted that since 2021, the amount of RMB cross-border receipts and payments has continued to grow on the basis of the previous year’s high base. In 2021, the amount of cross-border RMB receipts and payments by banks on behalf of customers will increase by 29.0% year on year, and cross-border RMB receipts and payments will be generally balanced, with a cumulative net inflow of 404.47 billion yuan (RMB, each something below).
At the same time, data from the Association for Global Banking and Financial Telecommunications shows that the share of RMB international payments will increase to 2.7% in December 2021, surpassing the Japanese yen to become the fourth payment currency in the world, and will increase further. to 3.2% in January 2022, the highest level ever. According to the official foreign exchange reserve composition data released by the International Monetary Fund, in the first quarter of 2022, the RMB accounted for 2.88% of global foreign exchange reserves, an increase of 1.8 percentage points from 2016, when the RMB was first. It joined the SDR currency basket, fifth among the major reserve currencies.
In addition, in May 2022, the International Monetary Fund (IMF) raised the weight of the renminbi in the special drawing rights (SDR) from 10.92% to 12.28%, reflecting the recognition of the increased free use of r renminbi.
According to the report, the volume of cross-border RMB settlement related to the real economy has maintained rapid growth, and areas such as bulk goods and cross-border e-commerce have become new growth points, and cross-border two-way investment activities . has remained active. In general, the RMB exchange rate has shown a two-way fluctuation tendency, and the endogenous demand of market players to use RMB to avoid exchange rate risks has gradually increased. Basic systems such as RMB cross-border investment and financing, transaction settlement, etc. have been continuously improved, and the ability to serve the real economy has been continuously improved.
The report also said that China’s financial market continued to open, RMB assets remained very attractive to global investors, and cross-border RMB receipts and payments under securities investment generally showed a net inflow. At the end of 2021, the total financial assets such as domestic RMB stocks, bonds, loans and deposits held by foreign entities totaled 10.83 trillion yuan, a year-on-year increase of 20.5%. The offshore RMB market has gradually improved and transactions have become more active. By the end of 2021, RMB deposits in major offshore markets were close to 1.50 trillion yuan.
