RMB Internationalisation Report
RMB expands global reach: Growth in cross-border and offshore use despite challenging international financial conditions
China Construction Bank, in collaboration with The Asian Banker, has undertaken an extensive global survey to analyse the international adoption and use of the Renminbi (RMB) in cross-border trade settlement, cash management, investment, and financing. This comprehensive report not only presents the current trends in RMB’s global usage but also explores the development of the RMB financial market and the status of offshore RMB centres.
Additionally, the report offers valuable insights into how various institutions incorporate RMB into their cross-border transactions and shares their perspectives on the future trajectory of RMB use. Notably, this year’s report focuses on the use of RMB by institutions located in the 152 Belt and Road Initiative (BRI) countries, including China, as of April 2023. It provides a deep understanding of the emerging opportunities, challenges, and prospects associated with the internationalisation of the RMB.
Key findings from the survey reveal that cross-border RMB trade settlement remains the most widely used product, with substantial growth observed in RMB cash management among both financial institutions and corporations. The role of the RMB as a financing currency has significantly strengthened, with Chinese companies and financial institutions leading the way in adopting RMB-based trade settlement. In contrast, overseas corporations predominantly adopt RMB for cash management purposes. Furthermore, the RMB is increasingly becoming an integral part of cross-border trade contracts for both Chinese and international corporations. It’s worth noting that the ongoing expansion of RMB’s international usage is influenced by geopolitical tensions and global macroeconomic factors.
The report is available as a single document in PDF format, encompassing both English and Chinese versions, spanning a total of 110 pages.
01 Key developments in RMB internationalisation
02 Status, impact and changes in RMB cross-border payments and settlement
03 Status, impact and changes in the RMB financial market
04 The development of RMB in BRI countries
05 The development of offshore RMB centres
06 Emerging opportunities, challenges and future prospects of RMB internationalisation
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Brian Lo is a seasoned risk professional with nearly 30 years of experience across global financial institutions. Based in Hong Kong and Singapore, he has led teams in managing market and liquidity risk, counterparty risk, and asset and liability management. His expertise encompasses quantitative modelling, risk governance, stress testing, and regulatory compliance. Brian has also played a critical role in developing internal risk models, driving strategic initiatives, and advising on cutting-edge risk solutions, including AI and machine learning applications. Throughout his career, he has served on multiple risk committees, providing strategic insights to senior management and boards, and has been instrumental in implementing Basel reforms and risk management innovations. Brian’s approach integrates deep technical knowledge with practical leadership, making him a valuable contributor to banking risk management education and practice.
Urs Bolt is a seasoned professional with over 35 years of expertise in wealth management, investment banking, and technology. He helps individuals achieve financial well-being and advises senior leaders in financial services and technology on refining business strategies, developing markets, and forging impactful partnerships. Recognised as a global thought leader in digital banking, WealthTech, and decentralised finance, Urs is an active speaker, author, and jury member for esteemed awards and panels. A passionate advocate for sustainable progress, he champions energy policies that balance economic growth and ecological preservation through scientific solutions.
Sina is Chief Data Officer at Unique AG – a rising European startup providing a GenAI-driven platform called Unique.AI to better understand customers and build more meaningful client relationships. Unique.AI is a tailored solution for the financial industry that aims to increase productivity by automating manual workload through AI and ChatGPT solutions.
Sina is a proven GenAI and data transformation specialist for financial applications with over 20 years of experience. Before Unique AG, Sina led data strategy projects at Credit Suisse AG and worked as a consultant at Accenture AG. She lectures on GenAI, AI Governance, and Data Protection at top universities like HSG St. Gallen and HEC Paris, inspiring future tech leaders. Sina also mentors startups on GenAI applications and serves on the ISO expert council in Switzerland. She was recently honored with the “Women in Banking and Fintech 2024” award for her Thought Leadership on Data Protection and AI Governance for GenAI applications for Financial Services by Handelsblatt (#1 business newspaper in Germany). Sina holds a PhD in Financial Modeling from the University of St. Gallen (HSG, Switzerland) and a Diploma in Economics from the University of Mannheim (Germany).