RMB internationalization ushers in new opportunities


The 2022 Financial Street Forum Annual Meeting being held in Beijing is releasing important signals from the Chinese financial industry to the outside world. In the parallel forum "Global Markets and Financial Development" on the 22nd, multiple well-known domestic and foreign guests jointly discussed the new development of internationalization of the RMB (7.1614, 0.0114, 0.16%) under the new situation. Currently, the international monetary system has transitioned from using the US dollar as a single reserve currency to being diversified. The South China Morning Post in Hong Kong quotes expert opinions as saying that a diversified reserve currency system is more likely to emerge in the future, rather than a single currency dominating.

At the forum, Liu Jiandong, Risk Director of Bank of China, stated in his speech that on July 6, 2009, Bank of China Shanghai Branch received the first RMB cross-border trade settlement payment, marking the beginning of RMB cross-border payment. 13 years later, the function of the renminbi as a global payment currency has steadily strengthened, and its function as an investment, reserve, and valuation currency is gradually emerging.

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