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New bid to globalize RMB use
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CHINA will expand the use of its currency, the renminbi, in cross-border payments amid efforts to advance RMB internationalization, said a central bank report released on Saturday.
The signing of the Regional Comprehensive Economic Partnership agreement will further boost trade in the Asia-Pacific region, thereby offering more opportunities for using the RMB in trade and investment activities, said the report by the People’s Bank of China.
Based on RMB-denominated commodity trade settlements, which are developing steadily, China will increase the use of the currency in cross-border e-commerce, the report said.
The cross-border use of the RMB, including payments and receipts, surged 44.3 percent year on year to 28.39 trillion yuan (US$4.4 trillion) in 2020, an all-time high, report data showed.
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