2025年《人民币国际化白皮书》（英文）

Summary of the White Paper on RMB Internationalization of Bank of China

Core Content

This white paper provides an in-depth analysis of the progress and prospects of the RMB internationalization in 2024 and 2025. It outlines the policy environment, market conditions, and key developments in cross-border RMB flows, offshore RMB markets, and the role of the RMB as a settlement, financing, investment, invoice, and store of value currency. The document also highlights the support mechanisms and multilateral cooperation efforts that are crucial for the continued growth of the RMB's international role.

Main Views

1. Policy Environment

• China has continued to advance the high-standard opening up of its financial sector.
• Policies have been refined to enhance the scale and level of cross-border RMB use.
• Multilateral cooperation and bilateral currency swap agreements have been expanded to promote financial stability.

2. Market Environment

• Economic Growth: China's economy remained stable and showed steady growth in 2024, with GDP reaching RMB130 trillion.
• Global Trade: The global trade barometer index continued to rise, and China's trade volume increased by 5% to RMB43.8 trillion.
• Interest Rates and Exchange Rates: RMB interest rates declined gradually, while the RMB-USD exchange rate showed reduced volatility and a slight appreciation trend.

3. Progress in RMB Internationalization

• Cross-border RMB Settlements: Total cross-border RMB settlement reached RMB64.1 trillion in 2024, a 22.5% increase year-on-year.
• Usage by Current and Capital Accounts: Current account settlements amounted to RMB16.3 trillion (25.4% of total), and capital account settlements reached RMB47.8 trillion (74.6% of total).
• Securities Investment: Cross-border RMB settlements for securities investment accounted for nearly 60% of the total, indicating its growing importance.
• RMB Payment Network: The RMB payment network expanded to 166 countries and regions, up from 161 in 2023.

4. Role of RMB as an International Currency

• Settlement Currency: The RMB is increasingly accepted as a settlement currency, with 57.2% of domestic enterprises reporting that their partners either fully or mostly accepted RMB settlements.
• Financing Currency: A growing number of overseas enterprises and financial institutions are using the RMB as a financing currency, with 78.4% of overseas enterprises and 71.7% of overseas financial institutions considering the RMB as an important supplement to international liquidity.
• Investment Currency: The RMB's role as an investment vehicle has strengthened, with 27.1% of Chinese enterprises reporting that the RMB accounts for at least 50% of their FDI.
• Invoice Currency: Domestic enterprises showed some fluctuation in their use of the RMB as an invoice currency, with 34.7% reporting an increase in RMB invoiced contracts compared to the previous year.
• Store of Value: The RMB is increasingly seen as a store of value, with 25.6% of overseas enterprises retaining RMB income in deposits and 18.6% planning to invest in RMB-denominated assets.

Key Information

Cross-border RMB Flows

• Total Volume: RMB64.1 trillion in 2024, with a 22.5% year-on-year increase.
• Regional Distribution: Shanghai International Finance Center was the largest contributor, accounting for 46.5% of the national total.
• Usage Evaluation: Positive feedback on cross-border RMB products and services was reported, with the RMB payment network expanding to 166 countries and regions.
• e-CNY Usage: The cross-border use of e-CNY is gaining traction, supporting convenience and inclusiveness in payments.

Offshore RMB Market Developments

• Fund Flows: Offshore RMB bond issuance reached RMB729.3 billion, and the outstanding volume reached RMB1,466.62 billion, both showing significant growth.
• Panda Bonds: The number of newly issued Panda bonds increased from 43 in 2020 to 109 in 2024, with total issuance value rising from RMB58.65 billion to RMB194.8 billion.
• Collateral Status: Domestic bonds were included as eligible collateral for the Hong Kong Monetary Authority's RMB Liquidity Facility, enhancing offshore RMB liquidity.

Multilateral Cooperation

• Drivers and Willingness: The willingness of market entities to use RMB for cross-border transactions remains strong, with 94.1% of domestic and 78.4% of overseas enterprises intending to maintain or increase RMB use.
• Supporting Products and Services: The development of products and services such as the Swap Connect mechanism and contract compression services has improved the efficiency of cross-border transactions.
• Challenges and Outlook: While challenges remain, the outlook for the RMB as an international currency is positive, with continued support from multilateral cooperation and policy frameworks.

Outlook for RMB Internationalization

• Enhanced Real Economy Support: Cross-border RMB use is expected to better serve the real economy and improve the quality and efficiency of its use.
• Offshore Market Expansion: The breadth and depth of offshore RMB markets are anticipated to improve further.
• Regionalization Momentum: Steadier momentum for RMB regionalization is expected, particularly in key regions such as ASEAN and Europe.
• Positive Prospects: The RMB is expected to maintain its role as a significant international currency, supported by policy, market, and infrastructure developments.

Conclusion

The RMB continues to gain traction in the international financial landscape, supported by a favorable policy environment, active market participation, and improved infrastructure. Its role as a settlement, financing, investment, invoice, and store of value currency is expanding, with growing acceptance and usage across multiple regions and sectors. The white paper highlights the importance of multilateral cooperation and the development of offshore markets in furthering the RMB's internationalization. The outlook for the RMB remains positive, with expectations of continued growth and increased recognition as a global currency.