Renminbi Internationalisation Policy and Progress 2021 Report – Based on Official Data and Policy Statements by the Chinese Central Bank –

DUBLIN–()–The “The 2020 – 2021 Renminbi Internationalisation Policy and Progress Report” has been added to’s offering.

The 2020-2021 Renminbi Internationalisation Policy and Progress Report provides an overview of China’s ongoing efforts to drive greater offshore usage and internationalisation of its official currency in 2020 and 2021, based upon official data and policy statements made by the Chinese central bank (PBOC).

Renminbi internationalisation has continued to make major strides since the start of 2020, despite the severe adverse impacts of the COVID-19 pandemic upon the global economy.

These impacts included worsening trade relation between China and the United States, severe restrictions on international travel, and critical supply chain disruptions.

Internationalisation of the renminbi was nonetheless abetted by a range of factors, including China’s ongoing commitment to financial opening and liberalisation, as well as its advance recovery from the COVID-19 pandemic.

China’s successful containment of COVID-19 made it the only major economy to post positive growth in 2020, and enabled PBOC to retain normal monetary policy settings and positive interest rates.

This heightened the appeal of renminbi financial assets during a period when central banks around the globe were unleashing liquidity and slashing interest rates.

Companies Mentioned

  • Standard Chartered
  • The Bank of China
  • The Hong Kong Monetary Authority
  • The People’s Bank of China
  • The Reserve Bank of Australia

Key Topics Covered:

1. Executive Summary

2. Background

3. Renminbi Internationalisation Policy in 2020 and 2021

  • Optimisation of cross-border renminbi operations policy
  • Driving bidirectional opening of capital markets
  • Refinement of renminbi exchange rate formation mechanisms
  • Launch of cross-border wealth management connect trials
  • Pricing and settlement of commodities in the renminbi

4. Key Events in Renminbi Internationalisation in 2020 and 2021

5. Renminbi Internationalisation Policy Going Forward

  • Current account renminbi cross-border usage will further expand
  • Renminbi cross-border investment and financing channels will further broaden
  • Bilateral monetary cooperation will continue to steadily develop.

6. Existing Renminbi Internationalisation Mechanisms

  • The Cross-border Inter-Bank Payments System
  • Mechanisms for offshore settlement
  • Bilateral currency settlement
  • Bilateral currency swaps
  • Central bank bill issuance via Hong Kong

7. Renminbi Internationalisation Outcomes in 2020 and 2021

  • Renminbi internationalisation indicators in 2020 – 2021
  • Cross-border usage of the renminbi in 2020 and 2021
  • The current account
  • The capital account
  • Direct Investment
  • Cross-border renminbi cash pools
  • Panda bonds
  • Securities investment
  • Active allocation by offshore entities to renminbi financial assets
  • The renminbi as an international reserve currency
  • Offshore renminbi deposits
  • Offshore renminbi financing
  • Global renminbi forex transactions and payments
  • Offshore renminbi settlement

8. Leading Mainland Chinese Cities for Renminbi Cross-border Receipts and Payments in 2020

9. Leading Countries and Regions outside Mainland China for Renminbi Cross-border Receipts and Payments in 2020

10. Glossary

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