According to the report on RMB Internationalization 2020 released by the People's Bank of China, in 2019, the cross-border use of RMB has been growing rapidly against the trend. In the whole year, the total amount of RMB cross-border receipts and payments totaled 19.67 trillion yuan, with a year-on-year growth of 24.1%. The rapid growth continued on the basis of last year's rapid growth, and the amount of RMB cross-border payments and payments hit a record high. The overall balance of RMB cross-border payments was balanced, with a net inflow of 360.6 billion yuan. RMB cross-border receipts and payments accounted for 38.1% of the total amount of domestic and foreign currencies in the same period, a record high and 5.5 percentage points higher than that of the previous year.
"Last year, cross-border RMB payments and receipts reached a record high, reflecting the increasing role of the RMB in international payments." National financial research institute, tsinghua university says jiandong ju, director of the international financial and economic research center as a whole, in the internationalisation of the renminbi stable in 2019, along with deepening of China's financial reform and the open renminbi rise significantly in the global financial market, continue to expand and strengthen the function such as currency for international payment, highlights the emerging of the international monetary market.
According to the report, in 2019, RMB ranked fifth among the currencies of IMF member countries holding reserve assets, with a market share of 1.95%, which was 0.88 percentage points higher than when RMB was just added to SDR basket in 2016. The yuan's market share in global foreign exchange trading was 4.3 percent, up 0.3 percentage points from 2016. According to the latest statistics, the RMB ranks fifth among major international payment currencies, with a market share of 1.76%.
The report points out that in 2019, the internationalization of RMB has reached a new level, the international payment currency function of RMB has been enhanced continuously, the investment and financing currency function has been deepened continuously, the reserve currency function has gradually emerged, the function of denomination currency has further achieved breakthroughs, and THE RMB continues to maintain a stable position in the global monetary system.
"Major changes have taken place in the international economic and financial landscape, and RMB internationalization is once again facing new development opportunities." Deputy director of the institute at renmin university of China international monetary TuYongHong thinks, at present, the international spread of the epidemic, the world economic recession, China is once again based on their own pitch and potential of the world's economic power, which not only enhances the international community's confidence in the global economy, also enhanced the international community's confidence in China, the renminbi, more consolidate the foundation of RMB internationalization.
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