GLOBALink | Chinese currency RMB gains more int'l influence: economist-Xinhua

GLOBALink | Chinese currency RMB gains more int'l influence: economist

Source: Xinhua

Editor: huaxia

2022-04-11 17:38:46

China's currency Renminbi (RMB), or the yuan, has seen wider acceptance in international usage as the country's resilient economic growth bolstered global demands and opening-up measures facilitated foreign investment.

The business volume of cross-border payments of the Chinese currency renminbi (RMB) grew rapidly in 2021, a report from the People's Bank of China showed.

Last year, over 3.34 million transactions were handled through China's RMB cross-border payment system, surging 51.55 percent year on year, according to the central bank.

The total value of these transactions stood at 79.60 trillion yuan (about 12.53 trillion U.S. dollars), jumping 75.83 percent from a year earlier.

"If China can develop the confidence to all people in the world and especially the main trading partners of China," its currency also could "help the stability of the currency in the developing countries, especially the main trading partners of China in the world," said Dendi Ramdani, an economist of Bank Mandiri in Indonesia.

The Chinese currency formally became the fifth currency in the Special Drawing Rights (SDR) basket on Oct. 1, 2016, joining the U.S. dollar, the euro, the Japanese yen, and the British pound.

The SDR, an international reserve asset created by the IMF in 1969 to supplement its member countries' official reserves, can be exchanged among governments for freely usable currencies in times of need.

Produced by Xinhua Global Service


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