FOREIGN EXCHANGE | Staff Reporter, China

RMB trade settlements hit RMB2.05 trillion in H1

It’s a record for one semester.

The People's Bank of China reported that the amount of trade paid for in renminbi reached RMB2.05 trillion (US$334.9 billion) between January and June, up 64% on-year and a record for a half-year period. PBOC said that if the trend continues, the figure is expected to top RMB4 trillion for the full year.

The ratio of trade settled in renminbi to China’s overall trade during the first six months of the year was also a record 16.4%. China has concluded currency swap agreements with 20 countries and regions to make it easier for other countries to acquire renminbi.

It has also made it easier to promote exchange between renminbi and other currencies. The ratio of renminbi used in global trade settlement rose to 0.87% in June, up from 0.24% two years earlier.

Although China has become the world’s second-largest economy, its currency has not been widely used in global trade settlement due to strict regulations.

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