Share of Cross-Border Use of RMB Up to 49.1%

HeatherZou

HeatherZ...

· 2022.09.28 00:55

In 2021, CIPS handled 3,341,600 cross-border RMB transactions worth RMB 79.60 trillion($11.1 trillion), up 51.6% and 75.8% respectively year-on-year.

Image Source : China Visual

Image Source : China Visual

BEIJING, September 26 (TMTPOST) – In the first half of 2022, the cross-border RMB receipts and payments amounted to RMB 20.32 trillion($2.84 trillion), up 15.7% year-on-year.  They also increased to 49.1% of the total cross-border receipts and payments in Chinese and foreign currencies in the same period.

The People's Bank of China released the "2022 RMB Internationalization Report" last Friday.

The total amount of cross-border RMB receipts and payments in 2021 reached RMB 36.61 trillion ($5.12 trillion), up 29.0% year on year; RMB cross-border receipts and payments accounted for 47.4% of total cross-border receipts and payments in domestic and foreign currencies in the same period, up 1.2 percentage points from the full year of 2020.

In 2021, RMB cross-border receipts and payments were RMB 18.51 trillion ($2.58 trillion), up 31.3% year-on-year. RMB actual payment came at 18.10 trillion  ($2.53 trillion), up 26.7% year-on-year, with a net inflow of RMB 404.470 billion ($56.44 billion), compared with a net outflow of RMB 185.786 billion  ($26 billion) in the same period last year.

The Report said that in the next phase, efforts will be made to expand the use of RMB in foreign trade and investment, steadily promote the two-way opening of the financial market, continue to deepen monetary and financial cooperation among central banks and support the healthy and orderly development of the offshore RMB market.

In terms of international payments, the Cross-Border Interbank Payment System (CIPS), an independent payment system organized and developed by the People's Bank of China, is operating steadily. Since its launch in 2015, CIPS has aimed at the cross-border and offshore RMB usage needs of domestic and foreign banking financial institutions. CIPS processed a total of 3,441,600 cross-border RMB transactions in 2021, amounting to RMB 79.60 trillion  ($11.11 trillion), up 51.6% and 75.8% respectively year-on-year.

During the same period, 33 new direct participants and 134 new indirect participants were added to CIPS. By the end of 2021, a total of 1,259 domestic and foreign institutions had access to CIPS through direct or indirect means.

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