A recent release of SWIFT data highlights that the renminbi (RMB) made up 3.17% of global payments in September, which is an increase from 2.93% previously. Analysts suggest this reflects a growing trend in using the renminbi for cross-border transactions, signaling ongoing progress in its internationalization.
A report from the Bank for International Settlements (BIS) confirmed that the renminbi is now the fifth most traded currency globally, holding an 8.5% share in global trading. That’s a notable rise of 1.5 percentage points compared to 2022, marking the highest growth rate among currencies.
Moreover, other recent studies point to a substantial rise in the use of the renminbi for trade settlements and finance between 2024 and 2025. Chinese exporters seem to be aware of this shift. At the 138th Canton Fair, several mentioned that more overseas customers—particularly from emerging markets like Southeast Asia, Central Asia, and Africa—are requesting transactions to be settled in renminbi.
A manager from Jiangsu Jinpeng Group Co., Ltd., which produces electric tricycles, shared that many foreign clients now prefer to pay in RMB. Curiously, it wasn’t their initiative, but rather a suggestion from the clients themselves. They noted that the number of customers opting for renminbi payments has nearly doubled.
Analysts have observed that since the start of cross-border trade settlements in 2009, the internationalization of the renminbi has gained momentum. Institutional setups and financial infrastructure to facilitate this usage have also been steadily advancing.
A recent report from China Construction Bank attributed the rise in renminbi use to various international geopolitical shifts, the imposition of tariffs in certain areas, and the shifting landscape of U.S. interest rates, which have lessened emerging countries’ reliance on the dollar.
This context has contributed to a steady increase in renminbi transactions, particularly among economies in the Global South. The report indicates a growing adoption of renminbi as a settlement currency in regions like Southeast Asia, the Middle East, Africa, and Central Asia.
In June 2025, the Bank of China will release its 2025 White Paper on the Internationalization of the Renminbi, revealing that in 2024, cross-border RMB settlements conducted by its domestic and foreign institutions reached over 43 trillion yuan ($6.04 trillion), marking a 31% increase from the previous year. Moreover, cross-border transactions using renminbi surged by 49%, hitting 131.4 trillion yuan.
A report by the China International Capital Corporation (CICC) on September 30 further indicated that the U.S. has undermined the credibility of its dollar through excessive use and widespread tariffs. This could mean a decline in the U.S.’s role as the world’s final consumer and a deepening of trade relationships away from it. Experts mentioned that the diminishing functionality of the dollar has led to a diversification of the global monetary system.
