RMB into the world's fourth payment currency

The "RMB International Report of 2022" released by the People's Bank of China recently showed that since 2021, the amount of cross -border receipts of RMB has continued to grow on the basis of the previous year. In 2021, the total number of cross -border receipts of banks was 36.6 trillion yuan, an increase of 29.0%year -on -year, and the receiving amount reached a record high. The overall balance of RMB cross -border income and expenditure, with a cumulative net inflow of 404.47 billion yuan throughout the year. Data from the Global Bank Financial Telecom Association (SWIFT) shows that the RMB international payment share increased to 2.7%in December 2021, and exceeded the yen to become the fourth place in the world's payment currency. In January 2022, it further increased to 3.2%, a record high.

The official foreign exchange reserve currency composition (COFER) data released by the International Monetary Fund (IMF) shows that in the first quarter of 2022, the proportion of RMB in global foreign exchange reserves accounted for 2.88%, which was just added to the RMB in 2016 (SDR ) The currency basket rose by 1.8 percentage points, ranking fifth among the main reserve currency.

At the same time, the amount of cross -border RMB settlement in the real economy has remained rapidly growing. The areas of commodities, cross -border e -commerce and other fields have become new growth points, and cross -border two -way investment activities continue to be active. The RMB exchange rate generally shows a two -way fluctuation, and the endogenous demand for market entities to avoid the risk of exchange rates has gradually increased. RMB cross -border investment and financing, transaction settlement and other basic systems have continued to improve, and the ability to serve the real economy has continued to increase.

Sichuan Observation (Source: People's Daily)

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