China Construction Bank, in collaboration with The Asian Banker, has undertaken an extensive global survey to analyse the international adoption and use of the Renminbi (RMB) in cross-border trade settlement, cash management, investment, and financing. This comprehensive report not only presents the current trends in RMB’s global usage but also explores the development of the RMB financial market and the status of offshore RMB centres.

Additionally, the report offers valuable insights into how various institutions incorporate RMB into their cross-border transactions and shares their perspectives on the future trajectory of RMB use. Notably, this year’s report focuses on the use of RMB by institutions located in the 152 Belt and Road Initiative (BRI) countries, including China, as of April 2023. It provides a deep understanding of the emerging opportunities, challenges, and prospects associated with the internationalisation of the RMB.

Key findings from the survey reveal that cross-border RMB trade settlement remains the most widely used product, with substantial growth observed in RMB cash management among both financial institutions and corporations. The role of the RMB as a financing currency has significantly strengthened, with Chinese companies and financial institutions leading the way in adopting RMB-based trade settlement. In contrast, overseas corporations predominantly adopt RMB for cash management purposes. Furthermore, the RMB is increasingly becoming an integral part of cross-border trade contracts for both Chinese and international corporations. It’s worth noting that the ongoing expansion of RMB’s international usage is influenced by geopolitical tensions and global macroeconomic factors.

The report is available as a single document in PDF format, encompassing both English and Chinese versions, spanning a total of 110 pages.