Source: Nikkei Chinese Network
In the field of bilateral settlement in China as a trading party, the use of Chinese currency RMB is expanding.Statistical enterprises and institutional investors, such as settlement currencies, etc., the ratio of RMB from April to June 2023 was 49%, which exceeded the US dollar for the first time.The opening of the capital market and the increase in transactions with Russia has a greater impact.In the global settlement, the ratio of the RMB is only less than 3%, but due to the trend of "going to the US dollar", currency is divided.
According to statistics released by the State Administration of Foreign Exchange, the cross -border transactions of enterprises, individuals and investors have statistics on currencies.The Chinese government lifted the RMB trade settlement in 2009.In addition to trade settlement composed of goods, services, and frequent transfer, it also includes capital transactions such as stocks and bonds.
The statistics of this time do not include RMB not directly settled by trade and capital transactions directly through China's third countries.Data from the Global Bank Financial Telecom Association (SWIFT) show that as of June 2023, the US dollar ranked first with 42.02%of the global settlement share, including third countriesAfter the yen, he ranked fifth.
Compared with China's accounting for the global GDP (GDP), the global share of RMB settlement is still small.However, compared with 1.81%about 1.81%about 5 years ago, the sense of existence is gradually increasing.Its driving force is bilateral settlement with China's economic strength as the background.
The statistics of the People's Bank of China (central bank) show that as of 2022, the total cross -border settlement of RMB was 42.1 trillion yuan.Among them, the capital transaction volume was 3.1.6 trillion yuan, accounting for 70 %.Trade and other frequent transactions are 1.05 trillion yuan.
From April to June 2023, the cross -border settlement volume of the RMB increased by 11%year -on -year to US $ 151.04 trillion, and the US dollar pricing decreased by 14%year -on -year (US $ 13997.7 trillion).Judging from the data since 2010, it is calculated in quarterly.
The expansion of the RMB settlement has two reasons for the opening of the capital market and the "de -US dollar" in the trade settlement.
The Chinese government was previously committed to shares and bonds denominated by foreigners through Hong Kong.In 2014, the stock market transaction interconnection and the launch of the 2017 bond version of "Bond Connect" pushed up the amount of RMB settlement.In 2022, the Exchange Trading Fund (ETF) interconnection was launched, and in 2023, the interest rate exchange market interconnection was launched.
In terms of trade finance, it has an impact with Russia's expansion of RMB transactions.After Russia invaded Ukraine in 2022, due to financial sanctions in the United States, Europe, and Japan, was excluded from the US dollar and euro settlement network and used RMB in crude oil transactions with China.According to data from the Russian Bank of Russia, the share of RMB in foreign exchange transactions in March rose to a record high of 39%.
The share of RMB settlement in the future is likely to rise.This is because the Chinese government shows the policy of strengthening the internationalization of the RMB.
The depreciation of the renminbi in 2015 brought unexpected exchange rate changes, and the internationalization of the renminbi once stagnated.However, at the Chinese government congress in October 2022, it was said that it was more active compared to the steady advancement of the past policy.
The Chinese government has successively signed a bilateral agreement.In March, it reached an agreement with South America and Brazil. In the trade and investment fields of China's main export destinations with soybeans, RMB exchanged RMB to redeem Laer and no longer passed the US dollar.Also in April, Argentina announced that the settlement of imported goods from China was changed from the US dollar to RMB.
Many emerging economies hope to reduce their dependence on the US dollar in foreign exchange transactions.The U.S.'s dominance of the US dollar improving financial sanctions on Russia has become an opportunity for some countries to consider "going to the US dollar".The changes in the international situation brought Dongfeng to the internationalization of the renminbi.The US -centered camp will continue to use the US settlement, and countries with deep political and economic connections with China will turn to RMB, which may lead to currency segmentation and block.
China is trying to weaken the dominance of the US dollar in resource transactions with huge purchasing power as a weapon.In March 2023, China Ocean Petroleum (CNOOC) and French Dalidar Energy Corporation conducted the first single RMB liquefied natural gas (LNG) transaction through the Shanghai Petroleum and Natural Gas Trading Center through the Shanghai Petroleum and Natural Gas Trading Center.
In order to avoid exchange rate fluctuations, RMB still has strict restrictions on international remittance and exchange.Poority of ease of use has always been an obstacle to the internationalization of RMB.China is considered to maintain a balance between internationalization and the stability of currency, while relaxing control in stages.
