The Global RMB Internationalisation Survey 2024 reveals that usage in cross-border trade has surged, accounting for over half of China’s cross-border payments. The results show high engagement from financial institutions and companies in RMB-based transactions, with notable growth in cross-border cash management, trade financing and investments.

China’s macroeconomic outlook, open financial markets and continuous technological innovation create ideal conditions for international use of RMB based on a global survey by TABInsights with over 2,542 executives from financial institutions and corporations across 23 markets.

Despite economic headwinds, banks leveraged advanced technologies and a customer-centric approaches to drive balanced growth, with customer engagement, financial inclusion, and ecosystem development emerging as key strategies

New digital financial infrastructure, new regional free trade agreements, and decisive leadership in the emerging sustainability and green agenda bode well for international RMB adoption.

With 41% of China's $45 trillion in banking assets and 27% of its $30 trillion in loans exposed to the property market, authorities are likely to initiate an orderly distribution of distressed assets of real estate developers such as Evergrande that failed to meet the “three red lines” limit on debt liabilities. Leveraged expansion sabotaged Evergrande’s sustainability while profit from property development shrunk for three consecutive years.

The use of RMB in international transactions will increase despite US-China trade frictions and on-going COVID-19 pandemic according to the latest annual survey on RMB internationalisation conducted jointly by China Construction Bank and Asian Banker Research.