The Renminbi Internationalization Report 2022, released by the People's Bank of China on September 26 Beijing time, shows that the international payment share of the RMB overtook that of the Japanese yen to become the fourth payment currency in the world.
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Since 2021, RMB cross-border receipts and payments have continued to grow on the basis of the previous year. 2021, RMB cross-border receipts and payments totaled RMB36.6 trillion, up 29% year-on-year, with the receipts and payments reaching a record high. RMB cross-border payments and receipts were generally balanced, with a cumulative net inflow of RMB 404.47 billion for the year. (SWIFT) data show that the RMB's international payment share increased to 2.7% in December 2021, overtaking the Japanese yen to become the world's fourth payment currency (the top three are USD, EUR and GBP), and further increased to 3.2% in January 2022, a record high.
The People's Bank of China said that in the next phase, it will coordinate development and security, and prudently promote the internationalization of the RMB on the basis of market-driven and independent choice of enterprises. It will further consolidate the basic institutional arrangements for cross-border use of RMB, meet the demand for RMB use in the real sector, promote a higher level of two-way opening of the financial market, and facilitate a virtuous cycle in the onshore and offshore markets for RMB. At the same time, we will continue to improve the macro-prudential management framework for cross-border capital flows in both domestic and foreign currencies, establish a sound monitoring, assessment and early warning system for cross-border capital flows, and firmly guard the bottom line of no systemic risks.
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