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RMB Surpassed the Japanese Yen To Become the Fourth-largest Payment Currency in the World

The "RMB Internationalization Report 2022" released by the People's Bank of China shows that in 2021, the total cross-border RMB receipts and payments between China and countries along the "Belt and Road" route reached 5.42 trillion yuan, a year-on-year increase of 19.6%, accounting for 14.8% in the same period. By the end of 2021, China has signed bilateral local currency swap agreements with 22 countries along the "Belt and Road", including Tajikistan and Chile.

The report also pointed out that the volume of cross-border RMB settlement related to the real economy has maintained rapid growth. Commodities, cross-border e-commerce, and other fields have become new growth points, and cross-border two-way investment activities remain active.

In 2021, RMB cross-border receipts and payments in bulk commodity trade will maintain rapid growth. The total cross-border RMB receipts and expenditures of crude oil, iron ore, copper, soybeans, and other primary commodity trades in the whole year totaled 405.469 billion yuan, a year-on-year increase of 42.8%. The total cross-border RMB receipts and payments of lithium, cobalt, rare earth and other metal commodity trade in the whole year totaled 100.563 billion yuan, a year-on-year increase of 27.7%.

According to the report, the RMB's international payment share increased to 2.7% in December 2021, surpassing the Japanese yen to become the fourth-largest payment currency in the world.


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