According to the latest data, the renminbi once again surpassed the yen in international payments, ranking fourth, behind the dollar, the euro and the pound. According to SWIFT statistics, RMB payments accounted for 46%, while the yen is 341%。This is not the first time that the renminbi has surpassed the yen, as early as December 2021, the renminbi surpassed the yen, with the two accounting for 27% and 258%。The expansion of the proportion of RMB payments once again demonstrates China's growing influence on the international stage.
The internationalization of the renminbi has been going on for 14 years. The international community has witnessed the rapid development of China's economy, so the RMB has been widely recognized in international payments. In addition, the share of the renminbi in the world** is also rising, accounting for 57%, more than 561%。As China's influence has expanded, the renminbi has gradually become a reserve currency, with more than 80 foreign central banks and monetary authorities now including the renminbi as a foreign exchange reserve option. The existence of the renminbi has made the world financial system more diversified, which is of great significance to the stability of the international financial structure.
The renminbi's rise in the ranking of international payments reflects China's growing status and influence as a global economic power. Especially given that the United States often uses economic sanctions and financial restrictions to put pressure on other countries, if the dollar is allowed to completely dominate, there will be unavoidable consequences. Recently, the United States has taken a series of hegemonic actions in the economic field, such as attempts to annex Russia's foreign exchange reserve assets and impose tougher financial sanctions on Russia. These actions underscore the lack of a sense of global security caused by the hegemony of the dollar.
Against this backdrop, the internationalization of the renminbi and the increase in the share of payments have become particularly important. Although the US dollar still has an absolute advantage, "de-dollarization" has become an international trend. In this process, the renminbi will play a greater role. Compared to the single currency system of the US dollar, the existence of the renminbi brings more options to the world financial system and helps to enhance financial stability.
The renminbi's overtaking of the yen reflects the rise of China's economy and the rise of its international status. However, it will take time and effort to internationalize the RMB. For China, there is also a need to further deepen financial reforms to improve the liquidity and convenience of the renminbi. In addition, strengthening financial cooperation with other countries and promoting the use of the renminbi globally is also key.
At this stage, the internationalization of the renminbi is not only driven by China, but also by market forces. More and more countries and regions want to diversify their reserve currencies and reduce their dependence on the US dollar. The improvement of the renminbi's status in international payments will provide more development opportunities for China's financial institutions and enterprises, strengthen China's economic cooperation with other countries, and promote the development of the global economy.
The renminbi once again surpassed the yen in the international payment landscape, showing that China's influence and status in the international arena are constantly increasing. The internationalization of the renminbi has been going on for 14 years and has been widely recognized by the international community. The renminbi's share of the world** is also rising, and it has now surpassed the euro. The internationalization of the renminbi is of great significance to the stability of the world financial structure, making the world financial system more diversified. At present, the financial hegemony of the United States greatly threatens the global sense of financial security, and the internationalization of the renminbi and the increase in the share of payments have become important countermeasures. Although the US dollar still has an absolute advantage, "de-dollarization" has become an international trend, and the rise of the RMB will play a greater role in the international financial landscape. China also needs to accelerate financial reforms, improve the liquidity and convenience of the renminbi, strengthen financial cooperation with other countries, and promote the use of the renminbi globally. With the internationalization of the renminbi and the increase in the share of payments, China's financial institutions and enterprises will have more opportunities for development, and at the same time, they will also be able to promote economic cooperation between China and other countries, and promote the prosperity and development of the global economy.