2019 RMB Internationalization Report.pdf

Ten Years of RMB Internationalization
- Policy evolution and achievements include promoting cross-border use, improving infrastructure, and enhancing central bank cooperation.
- Infrastructure development includes expanding clearing banks, promoting cross-border payment systems, and establishing offshore RMB centers.
- Central bank cooperation involves signing bilateral currency swap agreements and promoting the use of RMB in international trade and finance.

Part 2: 2018 RMB International Usage
- Total cross-border usage increased, with a significant rise in capital projects and a slight decrease in current accounts.
- RMB's share in global foreign exchange reserves reached 1.94%.
- RMB became the fifth most active currency in global foreign exchange trading, with a 4.3% share.
- RMB-denominated commodities trading and RMB as an invoicing currency for international trade grew.
- RMB cross-border cash settlement and cross-border payment systems developed.
- RMB interest rates and exchange rates stabilized, with the CNY/USD exchange rate fluctuating within a narrow range.
- Central bank cooperation expanded, with new bilateral currency swap agreements signed.

Part 3: Policy and Related Reforms
- Policy improvements include optimizing cross-border RMB business, promoting capital market opening, enhancing macroprudential management, and refining the RMB exchange rate formation mechanism.

Part 4: Offshore RMB Market Development
- Offshore RMB interest rates and exchange rates stabilized, with slight fluctuations.
- Offshore RMB lending and borrowing, securities financing, and global foreign exchange trading grew.
- Offshore RMB clearing developed, with the establishment of new clearing banks.

Part 5: Global Economic and Financial Situations
- Major economies' economic and financial situations are summarized, including the U.S., Eurozone, Japan, Britain, and emerging markets.

Part 6: Trends and Prospects
- RMB's payment, investment, reserve, and pricing currency functions will continue to strengthen.
- Bilateral currency cooperation will be further promoted.

Part 7: RMB Internationalization Timeline
- Key events in RMB internationalization are listed, including the launch of offshore RMB centers, the inclusion of RMB in the SDR basket, and the issuance of "Panda Bonds."

Special Columns
- Regional countries' use of RMB, cross-border companies' preference for RMB, "Panda Bonds," China's bond market inclusion in global indices, and other topics are discussed.

Charts and Tables
- Various charts and tables present data on RMB cross-border usage, offshore RMB markets, global economic and financial situations, and trends and prospects.