China, November 2023RMBPay globallyCurrencyAn important breakthrough has been made in the ranking, and the market share has reached 461%, exceededJapanese Yento move up to the fourth place in the world. This achievement does not only mean:RMBThe growth in the share of international payments is also shown:RMBIt has received more attention and recognition in the international market.
In December 2021,RMBThe international payment ratio is 27%, and at the timeJapanese YenMarket share fell to an all-time low of 258%。However, in November of this year,RMBThe proportion of the market has increased significantly to 461% whileJapanese YenThe proportion is 341%。Beyond the last timeJapanese YenThe situation is different, this timeJapanese YenThe market share is not **, and it is still maintained at 3About 5%. This means,RMBThis time the fourth place position may be more secure, and it is no longer just temporary.
This breakthrough shows ChinaRMBIt has received more and more attention and recognition in the international market. However, we need to realize that this is only a single month's data, and more time is needed to verify and support. To judgeRMBWhether it really prevailedJapanese YenWe also need to keep a close eye on the performance in the following periods.
In addition, there is an important indicator that can reflect a countryCurrencyThe degree of internationalization, that isForexReserve. According toInternational Monetary Organization**(IMF) published data, as of the second quarter of this year, countries and regions around the worldForexOf the reserves, the dollar and its assets account for 5888%, continuing to rank first in the world. Eurosranked second, accounting for 1997%；Japanese YenRanked third, accounting for 54%。RMBranked sixth, accounting for 245%。Judging by this indicator,RMBwithJapanese YenThe competition has not yet come to fruitionRMBNot quite surpassed yetJapanese Yen
RMBThe share of global cross-border ** has also achieved a breakthrough. According to SWIFT data, in November this year, the US dollar occupied an absolute advantage in the global cross-border **, with a market share of 8397%。However,RMBThe proportion is 57%, exceededEurosof 561%, ranking second in the world.
This breakthrough is particularly noteworthy in the fact that after Russia severed ties with SWIFT in October this year, the number of direct participants in China's CIPS system has increased, and the number of institutions using standard transceivers has increased. This means that, in the global cross-border**,RMBRelativelyEurosThe advantage will be further increased.
In November 2023, the proportion of international payments by Chinese and RMB climbed to fourth, surpassingJapanese Yen, which is an important breakthrough. This indicatesRMBThere has been a significant increase in attention, acceptance and trust in the international market. However, we need to remain objective and calm, recognizing that this is only a single month's data, and it needs to be observed and verified for a longer period of time.
In addition,RMBThe share of the global cross-border ** has also made a breakthrough and exceededEuros, ranking second in the world. This showsRMBCompetitive advantage and attractiveness in cross-border**.
AlthoughRMBAn important breakthrough has been made in the proportion of international payments and the share of cross-border **, but there is still a big gap with the US dollarJapanese YenThe competition is still undecided. RMBThe internationalization process still needs more time, experience and support. It is worth looking forward to with ChinaEconomyThe continuous development and development of andFinanceThe opening of the market,RMBis expected to play a more important role in the international arena and compete with other major onesCurrencyCompete more closely.