RMB Is Expected To Enter The Three Major Currencies Of Global Trade Settlement At The End Of The Year.
Jiao Jinpu, a researcher at the Graduate School of PBOC, said on Wednesday (May 25th) that the yuan is expected to become one of the three main currencies of Global trade settlement by the end of this year.
Jiao Jinpu said: "according to incomplete statistics, it is estimated that RMB will exceed the British pound in the year to become one of the three main currencies of Global trade settlement, namely, the US dollar, the euro and the renminbi.
Domestic enterprises this year
RMB
The scale of cross-border settlement is expected to exceed that of the euro.
"
To fully promote the internationalization of RMB, the Chinese government has been allowed to carry out cross border trade RMB settlement pilot projects since 2009.
Since then, trade settled in renminbi has increased rapidly.
Government officials have previously said that the current cross-border trade RMB settlement pilot has expanded to 20 provinces, municipalities and autonomous regions. The Central Bank of China expects to expand the scope of the pilot within this year to the whole country.
Cross boundary in the first quarter of this year
Trade
The amount of RMB settlement business reached RMB 360 billion 300 million, accounting for about 7% of the total cross-border trade volume in the current period, up from 0.5% in the same period last year.
Data released earlier by the central bank showed that the amount of RMB settlement business in cross-border trade last year was 506 billion 300 million yuan.
HSBC (HSBC) released a new survey in early May showed that the renminbi is expected to exceed the British pound for the first time to become one of the three main settlement currencies considered by global trading companies in the coming half year.
In the mainland of China, it is estimated that RMB will exceed the euro in the year to become the second choice for trading companies to settle currencies, next to the US dollar.
HSBC's survey is targeted at more than 6000 out of 21 markets worldwide.
Trading enterprises
Unfolding.
According to the HSBC survey, the five currencies that are most favored by trade companies in the next six months will be USD, euro, RMB, pound sterling and yen in the next six months.
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