The RMB Cross-border Payment System (CIPS) has achieved remarkable results recently. Its single-day transaction volume exceeded one trillion yuan, reaching 1.22 trillion yuan, and the number of transactions reached nearly 42,000, setting a record high.
As an important financial market infrastructure in my country, CIPS is currently in a stage of rapid growth in business scale.
In March this year, its average daily transaction volume reached 920.45 billion yuan, rising to the highest level in a year, and the average daily number of transactions was 35,740, a significant increase from 619.74 billion yuan and 25,930 transactions in February.
This breakthrough was achieved against the backdrop of continued uncertainty in the Middle East and heightened volatility in global financial markets.
Recently, foreign official institutions have been net sellers of U.S. Treasury bonds for five consecutive weeks, with the cumulative scale of sales reaching US$90.9 billion, and U.S. bond custody holdings falling to the lowest level since 2012.
RMB assets, on the other hand, have shown strong risk-averse properties. The yield on China’s 10-year government bonds has only fluctuated slightly. Offshore RMB bonds have been favored by international funds. The one-year RMB government bonds issued by the Hong Kong Monetary Authority have been subscribed as high as 11.4 times.
In the exchange rate market, the RMB performed steadily and became the only major currency to appreciate against the US dollar in the past month. Mainstream currencies such as the euro and the Japanese yen all fell to varying degrees.
The international use of RMB is increasing simultaneously, and more and more cross-border trade and investment are settled in RMB.
The attractiveness of Chinese assets stems from multiple structural advantages.
Energy import channels cover diverse regions such as Russia and Central Asia. Strategic petroleum reserves can support more than 100 days. Renewable energy accounts for 40% of total power generation, significantly diluting the impact of oil price shocks.
Policies remain stable and predictable, and the low inflation environment provides ample room for monetary policy.
The economic fundamentals are solid, and the complete manufacturing system and resilient supply chain provide support for RMB credit.
The CIPS transaction volume reached a new high, marking the acceleration of the internationalization of the RMB. The global market’s acceptance and demand for the use of the RMB continues to increase, and the role of the RMB in the international payment system is constantly strengthening.
Many netizens also expressed positive views on this news. Some people believe that this is a reflection of the strength of a major country, while others point out that the internationalization of the RMB has taken another big step. More and more countries are willing to use RMB for settlement, and the international status is more stable.
Some netizens mentioned that this figure shows that my country’s financial system is becoming more mature and the global recognition of the RMB is increasing. When the international situation is turbulent, the steady performance of the RMB gives investors reassurance.
