Yuan internationalisation sees significant progress in 2022. Can it maintain the momentum?
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A staff member counts and sorts RMB cash deposited by customers at a bank in Haian, East China's Jiangsu Province, July 12, 2022.
Synopsis
The yuan looks set to gain further traction globally this year, as the People’s Bank of China implements government’s strategy to boost the currency’s use overseas. An expected recovery in the Chinese economy, and the launch of programs such as the Swap Connect and yuan-denominated share trading in Hong Kong, are likely to improve the currency’s offshore demand.
Zhang Ziyu and Nerys Avery Internationalization of the yuan made significant progress in 2022 as currency trading and demand from financial institutions outside of the Chinese mainland surged, and more international trade in goods and services was settled in the Chinese currency. The yuan, also known as the renminbi (RMB), looks set to gain further traction globally this year, as the People’s Bank of China (PBOC) implements the government’s
BY
Caixin Global
10 mins read
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