Renminbi's international status continuously rises: PBOC

The Renminbi has become the second-largest cross-border payment currency in the world, and its internationalization is deepening at a steady pace, says a report published by the People's Bank of China, the country's central bank.

The 2017 Renminbi Internationalization Report indicates that 9.85 trillion yuan (US$1.49 trillion) was used in cross-border receipts and payments last year, accounting for 25.2 percent of the global total, making the renminbi the second-largest cross-border payment currency for six consecutive years.

It is noteworthy that by the end of last year the outstanding non-resident deposits of renminbi at home was 915.47 billion yuan; the outstanding renminbi deposits in major offshore markets was 1.12 trillion yuan; and the outstanding balance of the renminbi international bonds was 713.29 billion yuan. Incomplete statistics show more than 60 countries and regions have made renminbi their foreign exchange reserve currency by the end of last year.

Last year, the PBOC continued its efforts to build the renminbi cross-border payment system and help direct participants to expand their market capacity to promote the renminbi's internationalization; the central bank further regulated and improved the business rules of renminbi's cross-border receipt-payment information administration system to improve the efficiency of data transmission.

The renminbi is now included in the International Monetary Fund's Special Drawing Rights basket of currencies. The internationalization of the renminbi is expected to gather speed in the foreseeable future.

According to the report the internationalization of the renminbi will let the currency play a more active role in serving the real economy and facilitating trade and investment, and with the deepening and expanding of the two-way opening up of China's financial market, the financial infrastructure facilities will be further improved.

It will become more convenient for foreign entities to take part in China's financial markets, and the renminbi's cross-border financial transaction levels are expected to continuously grow.