RMB Internationalisation Report 2024
RMB internationalisation gains strong momentum despite uncertainties
November 2024
China Construction Bank, in cooperation with The Asian Banker, conducted a survey on the international use of the RMB in cross-border trade, payments, investment, and financing. This year's survey covered 2,487 senior executives from three categories of respondents: financial institutions (FIs), Chinese companies, and overseas companies across 23 global markets. 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 with China-UK business connections in areas of trade, financing and investment. 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 Europe, particularly the UK, saw the most significant growth in RMB activities, with Chinese companies using RMB for cross-border trade settlement in the UK grew nearly fivefold from the previous year; The impact of geopolitical tension on RMB adoption has begun to diminish compared to the previous two years, especially for Chinese companies, while the key challenge to further adopt RMB for overseas companies and FIs have evolved to be uncertainty in regulatory policies; Compared to previous year’s results, overseas companies and global FIs have shown a marked recovery in their confidence regarding China’s economic outlook, which is expected to positively impact the international use of the RMB.
The report is available as a single document in PDF format, encompassing both English and Chinese versions, spanning a total of 90 pages.
01 Emerging trends and highlights of RMB internationalisation
- 1.1 The policy framework for cross-border RMB business continues to improve
- 1.2 China further increased financial market liberalisation and connectivity
- 1.3 Increased adoption of RMB in global payments and financing
- 1.4 Increased use of local currency in cross-border transactions
- Special Column 1: Can RMB sustain its global adoption amid weakening economic condition back home
02 Status, impact and changes of RMB in cross-border payments
- 2.1 Use of RMB-based cross-border products
- Special Column 2: The role of e-CNY in facilitating convenience for foreigners coming to China
- 2.2 Use and status of RMB in cross-border trade
- 2.3 Use and status of RMB in cross-border direct investments
- 2.4 RMB cross-border payment and settlement
03 Status, impact and changes in RMB financial market
- 3.1 Changes in RMB financial market
- 3.2 Development in RMB based financing
- Special Column 3: The current status and prospects of RMB cross-border cash pooling business for multinational corporations
- 3.3 Developments in RMB currency exchange transactions
- 3.4 Developments in RMB-denominated derivative market
04 Development of offshore RMB market
- 4.1 Use of RMB in regions outside China
- 4.2 Use of RMB offshore deposits
- 4.3 Development of offshore RMB wealth management market
- 4.4 Status of key offshore RMB centres
- Special Column 4: RMB Internationalisation and the role of London's financial centre
05 Development of RMB usage in the UK
- 5.1 Use of RMB cross-border products in UK
- 5.2 Use of RMB in cross-border trade and investment by China-UK related institutions
- Special Column 5: The development potential of the connectivity between the Chinese and British bond markets
06 Emerging opportunities, challenges and future prospects of RMB internationalisation
- 6.1 Main factors affecting the use of RMB
- 6.2 Implementation of e-CNY
- Special Column 6: Development in China's green sectors and their impacts on the adoption of RMB
- 6.3 Main challenges of RMB internationalisation
- Financial institutions aiming to leverage the latest trends in the international adoption of RMB and shape their RMB-based product strategies in areas such as cross-border payments, investments, and financing.
- Global corporations keen on identifying emerging patterns and future prospects in RMB internationalisation, which can significantly influence their business strategies in cross-border trade and transactions.
- Researchers and analysts from diverse backgrounds, including financial institutions, regulatory bodies, government agencies, external consulting firms, and more.
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