Globalization of renminbi to boost stability
1 year, 5 months ago

Globalization of renminbi to boost stability

China Daily  

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. The internationalization of the renminbi is gathering momentum, and such a trend will help facilitate China's further opening-up and encourage the country's global trade and investment, scholars and analysts said. The RMB's share stood at 2.54 percent in May, Swift said, adding that the Chinese currency has retained its position as the fifth most active currency for global payments by value. Wang Fang, deputy dean of the School of Finance at Renmin University of China, said that global trade and investment cooperation is a viable way for RMB internationalization. Also, while central banks in major economies have significantly raised interest rates, China's comparatively low interest rates have bolstered the RMB's attractiveness as an international financing currency, he said.

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History of this topic

Chinadaily.com.cn
4 weeks ago

Chinadaily.com.cn

China Daily  

Yuan strengthens against greenback The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 24 pips to 7.1918 against the US dollar on Monday, according to the China Foreign Exchange Trade System. Over 100 trusted data matrixes planned China is aiming to establish more than 100 trusted data matrixes by 2028, forming a set of data matrix …

RMB Usage Soars in Cross-Border Trade: Report
2 months, 1 week ago

RMB Usage Soars in Cross-Border Trade: Report

China Daily  

The People's Bank of China's report shows that cross-border RMB use has increased significantly in the first eight months of 2024, with a significant portion of these payments and receipts occurring in trade in goods and services. The report also highlights the growing role of RMB in investment and financing, with foreign investors holding a substantial amount of Chinese bonds.

Renminbi on track for stability against USD
2 months, 2 weeks ago

Renminbi on track for stability against USD

China Daily  

The renminbi is still on track for overall stability with two-way fluctuations against the US dollar in the months ahead, and with limited risks of one-sided and substantial appreciation, said a leading currency expert. "Meanwhile, the People's Bank of China, the central bank, seems always ready to prevent the renminbi exchange rate from overshooting, either excessive appreciation or depreciation. Pan …

US interest rate concerns drive renminbi's ascendancy
3 months, 3 weeks ago

US interest rate concerns drive renminbi's ascendancy

China Daily  

Over recent months, a seemingly surprising trend has emerged on the global financial landscape — foreign investors are flocking to Chinese renminbi bonds, even as US bonds boast higher yields. These factors, they said, will continue to help the renminbi's ascent as an international currency, strengthening its reserve, payment, financing and pricing functions, and offering a win-win for the global …

US interest rate concerns drive renminbi's ascendancy
3 months, 3 weeks ago

US interest rate concerns drive renminbi's ascendancy

China Daily  

Over recent months, a seemingly surprising trend has emerged on the global financial landscape — foreign investors are flocking to Chinese renminbi bonds, even as US bonds boast higher yields. These factors, they said, will continue to help the renminbi's ascent as an international currency, strengthening its reserve, payment, financing and pricing functions, and offering a win-win for the global …

US interest rate concerns drive renminbi's ascendancy
3 months, 3 weeks ago

US interest rate concerns drive renminbi's ascendancy

China Daily  

By Zhou Lanxu and Liu Zizheng | China Daily | Updated: 2024-08-29 07:01 Over recent months, a seemingly surprising trend has emerged on the global financial landscape — foreign investors are flocking to Chinese renminbi bonds, even as US bonds boast higher yields. The allure of renminbi-denominated assets has been underpinned by a global shift away from over-reliance on the …

More internationalized yuan a growing reality
4 months ago

More internationalized yuan a growing reality

China Daily  

While the renminbi's internationalization has been advancing steadily amid the completion of related institutional arrangements and rising international investor interest in yuan-based assets, continued efforts can be made to facilitate the development of the offshore RMB market so that the currency can play an even bigger role globally, said experts. While global geopolitical relations are undergoing profound changes and the …

Chinese currency moves closer to fuller usage, internationalization
6 months, 3 weeks ago

Chinese currency moves closer to fuller usage, internationalization

China Daily  

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. The renminbi has further emerged as an international currency, with widespread usage of the currency seen in cross-border trade settlements, yet the process still faces prominent challenges of trading partners' reluctance to accept the Chinese currency and policy complexity, a think tank said in a …

Experts see RMB's SDR weight rising
1 year, 4 months ago

Experts see RMB's SDR weight rising

China Daily  

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. Experts say process likely to take years, depending on country's trade The weight of the renminbi or RMB in the basket of five currencies that constitute the International Monetary Fund's Special Drawing Rights, a key international reserve asset also known as SDRs, is poised to increase further as …

央行发布报告:人民币国际化各项指标总体向好
2 years, 2 months ago

央行发布报告:人民币国际化各项指标总体向好

China Daily  

中国人民银行近日发布的《2022年人民币国际化报告》显示，2021年以来，人民币国际化各项指标总体向好，人民币支付货币功能稳步提升，投融资货币功能进一步深化，储备货币功能不断上升，计价货币功能逐步增强。专家表示，随着中国进一步推进金融市场开放，深化贸易和投资合作，人民币全球使用量有望稳步提升，并在维护国际金融稳定方面发挥更大作用。 China's renminbi is expected to continue its steady rise in global use and play a bigger part in safeguarding international financial stability, as the country further advances its financial opening-up while deepening trade and investment cooperation, experts said. The central bank pledged efforts to facilitate the use of the renminbi in cross-border trade and investment, deepen the financial market's …

新特别提款权货币篮子生效 人民币权重升至12.28%
2 years, 4 months ago

新特别提款权货币篮子生效 人民币权重升至12.28%

China Daily  

8月1日，国际货币基金组织（IMF）正式上调人民币在特别提款权货币篮子中的权重，由10.92%上调至12.28%。专家表示，人民币作为主要国际储备资产地位的提高，将进一步推动人民币在国际金融治理体系中发挥更核心作用。 A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. The enhanced standing of the renminbi as a key global reserve asset will further boost the Chinese currency's accelerated march toward playing a more central role in the international financial governance system, officials and experts said. IMF根据2017年至2021年全球贸易和金融市场的发展情况作出了该决定。在权重上调后，人民币在SDR篮子中的总体份额保持在第三位，仅次于美元和欧元，但高于日元和英镑。 As evidence of the hastened progress of …

新特别提款权货币篮子生效 人民币权重升至12.28%
2 years, 4 months ago

新特别提款权货币篮子生效 人民币权重升至12.28%

China Daily  

8月1日，国际货币基金组织（IMF）正式上调人民币在特别提款权货币篮子中的权重，由10.92%上调至12.28%。专家表示，人民币作为主要国际储备资产地位的提高，将进一步推动人民币在国际金融治理体系中发挥更核心作用。 A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. The enhanced standing of the renminbi as a key global reserve asset will further boost the Chinese currency's accelerated march toward playing a more central role in the international financial governance system, officials and experts said. IMF根据2017年至2021年全球贸易和金融市场的发展情况作出了该决定。在权重上调后，人民币在SDR篮子中的总体份额保持在第三位，仅次于美元和欧元，但高于日元和英镑。 As evidence of the hastened progress of …

Central bank targets exchange rate stability
3 years, 6 months ago

Central bank targets exchange rate stability

China Daily  

The People's Bank of China aims to keep the RMB exchange rate stable against major currencies amid China's post-pandemic recovery. ZHANG XINGLONG/CHINA NEWS SERVICE Wide range of options open to the PBOC, market players say The central bank is determined to keep the RMB exchange rate stable against a basket of major currencies amid China's post-pandemic recovery, according to economists. …

Central bank targets exchange rate stability
3 years, 6 months ago

Central bank targets exchange rate stability

China Daily  

The People's Bank of China aims to keep the RMB exchange rate stable against major currencies amid China's post-pandemic recovery. ZHANG XINGLONG/CHINA NEWS SERVICE Wide range of options open to the PBOC, market players say The central bank is determined to keep the RMB exchange rate stable against a basket of major currencies amid China's post-pandemic recovery, according to economists. …

Central bank targets exchange rate stability
3 years, 6 months ago

Central bank targets exchange rate stability

China Daily  

A bank clerk checks currency in Hai'an, Jiangsu province. XU JINGBAI/FOR CHINA DAILY Closer watch Research from Deutsche Bank predicts that from this year to 2025, about $590 billion in foreign capital may be injected into China's bond market, and that by 2025, RMB-denominated assets could comprise some 5 percent of global reserves. The German investment bank said that as …

Central bank targets exchange rate stability
3 years, 6 months ago

Central bank targets exchange rate stability

China Daily  

The People's Bank of China aims to keep the RMB exchange rate stable against major currencies amid China's post-pandemic recovery. ZHANG XINGLONG/CHINA NEWS SERVICE Wide range of options open to the PBOC, market players say The central bank is determined to keep the RMB exchange rate stable against a basket of major currencies amid China's post-pandemic recovery, according to economists. …

Central bank targets exchange rate stability
3 years, 6 months ago

Central bank targets exchange rate stability

China Daily  

The People's Bank of China aims to keep the RMB exchange rate stable against major currencies amid China's post-pandemic recovery. ZHANG XINGLONG/CHINA NEWS SERVICE Wide range of options open to the PBOC, market players say The central bank is determined to keep the RMB exchange rate stable against a basket of major currencies amid China's post-pandemic recovery, according to economists. …

Central bank targets exchange rate stability
3 years, 6 months ago

Central bank targets exchange rate stability

China Daily  

The People's Bank of China aims to keep the RMB exchange rate stable against major currencies amid China's post-pandemic recovery. ZHANG XINGLONG/CHINA NEWS SERVICE Wide range of options open to the PBOC, market players say The central bank is determined to keep the RMB exchange rate stable against a basket of major currencies amid China's post-pandemic recovery, according to economists. …

PBOC raises requirement for banks' forex deposits
3 years, 6 months ago

PBOC raises requirement for banks' forex deposits

China Daily  

A teller counts and arranges dollar notes at an Agricultural Bank of China branch in Qionghai, Hainan province. The People's Bank of China announced the increase in the required reserve ratio on foreign exchange deposits in financial institutions to 7 percent from 5 percent, to improve forex liquidity management in financial institutions. The boosting of the forex deposit reserve ratio …

China to promote further cross-border use of RMB
4 years, 4 months ago

China to promote further cross-border use of RMB

China Daily  

China will further facilitate cross-border use of the renminbi to promote pilot programs to boost trade and investment, making it possible for more foreign central banks and monetary authorities to hold the currency as a reserve asset, according to a report from the nation's central bank. Cross-border use of the RMB has sustained rapid progress and maintained robust growth this …

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