Business · Trade · 3 hrs ago
RMB use grows as China weighs its next decade of internationalisation
The renminbi is being used more in cross-border trade and finance, according to figures discussed at a forum in Shanghai.
In the first half of 2026, cross-border renminbi payments for goods trade reached 7.7 trillion yuan, up 20.4% from a year earlier.
Its role has grown from settling trade to financing and investment, including through bonds issued in China by foreign borrowers.
China’s large trade links give many emerging economies ways to use renminbi they receive, while relatively low borrowing costs can make renminbi financing attractive.
Investors still want easier access, steady liquidity and ways to manage currency risk before committing more money to Chinese markets.
The currency is not fully convertible, and some payments to China take one or two days, while offshore renminbi liquidity can be uneven.
Hong Kong is being developed as an offshore hub, and China’s next steps include improving financial infrastructure and expanding access gradually, while managing the risks of greater openness.
China is weighing how to expand the renminbi’s international use over the next decade as its use in trade and finance grows.
In the first half of 2026, cross-border renminbi receipts and payments for goods trade reached 7.7 trillion yuan, up 20.4% year on year.
The currency’s share of goods-trade settlements rose to 29.1%, while its share of services-trade settlements reached 36.3%.
At a forum on October 21, banking and policy experts discussed demand for the currency as well as barriers involving convertibility, liquidity, risk management and payment speed.
They said broader use will depend on practical uses for renminbi financing, predictable markets and continued development of financial infrastructure.
- Who
- Chinese officials, financial experts and international investors are considering the renminbi’s future role. HSBC’s Zhang Jie and other speakers shared views at the forum.
- What
- China is weighing how to advance renminbi internationalisation over the next decade as its use in trade and finance increases.
- When
- The forum took place on October 21, 2026. The article was published on October 26, 2026.
- Where
- At the 2026 Bund Summit forum. The article does not state the forum’s location.
- Why
- China aims to expand the currency’s use in international trade and investment, amid changes to the global monetary system and interest in diversification.
This story does not have two clearly opposing sides.
The People’s Bank of China published its 2026 Renminbi Internationalisation Report.
Cross-border renminbi receipts and payments for goods trade reached 7.7 trillion yuan, while cross-border financing receipts and payments reached 1.3 trillion yuan.
Speakers discussed the next decade of renminbi international use at a forum at the 2026 Bund Summit.
China News Service published its article on the renminbi’s next decade of internationalisation.
- Goods trade
- 7.7 trillion yuan in cross-border renminbi receipts and payments in the first half of 2026
- Goods-trade settlement share
- 29.1% in the first half of 2026
- Services-trade settlement share
- 36.3% in the first half of 2026
- Cross-border financing
- 1.3 trillion yuan in renminbi receipts and payments in the first half of 2026, up 22.4% year on year
- Panda bond issuance
- 1,600.3 billion yuan in the first half of 2026, up about 70% year on year
1 source
What people are saying
Can it be used throughout the supply chain?
Whether renminbi internationalisation can make greater progress depends to a large extent on whether the renminbi can become a financing currency actually used by international institutions.
The words companies and international investors mention most are stability, predictability, transparency and profitability.