Bank of China: The cross-border RMB index will maintain an upward trend in the third quarter of 2022

　　China News Agency, Beijing, January 3 (Reporter Wang Enbo) The Bank of China released the cross-border RMB Index (CRI) for the third quarter of 2022 on the 3rd.

The results show that the cross-border RMB index in the current quarter was 339, an increase of 5 points from the previous quarter, 4 points higher than the forecast value, and continued to maintain an upward momentum.

　　The index shows that the use of RMB in cross-border goods trade continues to increase.

In the third quarter of 2022, the exchange rate of RMB against the U.S. dollar will fluctuate by more than 9%, which is a relatively high level in recent years in a single quarter.

Affected by the rising risk of exchange rate fluctuations, more market players give priority to using RMB for settlement in cross-border trade. The RMB settlement volume under trade in goods increased by 18% month-on-month, which is higher than the growth rate of total imports and exports of goods trade in the balance of payments during the same period. out about 10 percent.

　　In the third quarter, cross-border RMB customer remittances occurred in 147 countries and regions outside of China, and the number of countries where cross-border RMB remittances occurred increased by 7 compared with the previous quarter.

The scale of cross-border RMB remittances in China's surrounding areas has maintained rapid growth. For example, the total amount of RMB customer remittances from member countries of the Regional Comprehensive Economic Partnership Agreement (RCEP) outside China increased by 7.5% month-on-month, and the total amount of RMB customer remittances from ASEAN countries increased by 7.3% month-on-month , the total amount of RMB customer remittances from countries along the “Belt and Road” increased by 34.7% month-on-month.

The growth rate of RMB customer remittances in these regions is higher than the overall growth rate of global RMB customer remittances, driving the global cross-border use of RMB to remain active.

　　In addition, the infrastructure for the cross-border use of RMB has been further improved.

First, the People's Bank of China has recently appointed RMB clearing banks in Laos, Kazakhstan, and Pakistan, and the network of RMB clearing banks has been further expanded; second, the RMB Cross-border Payment System (CIPS) clearing service has been further enhanced, and cross-border innovative service terminals have been upgraded to provide CIPS participants and end users provide better RMB cross-border settlement and clearing service experience; third, more countries will access RMB clearing facilities, such as the central bank of Bangladesh authorizing dealer banks to open RMB accounts, Belarusian commercial banks plan to join CIPS system, and the guarantee capacity and coverage of RMB cross-border use infrastructure have been further improved.

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