CCTV News : The People's Bank of China released the "Report on the Internationalization of RMB in 2020" yesterday (14th). The RMB payment currency function has been continuously enhanced, and the reserve currency function has gradually emerged. The RMB continues to maintain its stable position in the global monetary system.
In 2019, the cross-border use of RMB has grown rapidly against the trend. Data show that in 2019, the cross-border RMB receipts and payments amounted to 19.67 trillion yuan, a year-on-year increase of 24.1%. The amount of receipts and payments reached a record high, making it the fifth largest payment currency in the world.
As of the end of 2019, the People's Bank of China has set up RMB clearing banks in 25 countries and regions outside of Mainland China, making the use of RMB more secure and reducing transaction costs.
In addition, the reserve function of the renminbi is increasingly reflected. In the first quarter, the share of RMB in global foreign exchange reserves rose to 2.02%, a record high.