Recently, good news came from the RMB Cross-border Payment System (CIPS). The transaction volume processed in a single day exceeded 1.22 trillion yuan, and the number of transactions was nearly 42,000, setting a record high.
This milestone breakthrough marks the increasing maturity of RMB cross-border payment infrastructure and a key leap in the internationalization of RMB.
1. Behind the data: from “rapid growth” to “qualitative breakthrough”
The outbreak of CIPS is not accidental.
In March 2026, its average daily transaction volume reached 920.45 billion yuan, a month-on-month increase of 48.5% from 619.74 billion yuan in February.
As of now, CIPS has 194 direct participants and 1,597 indirect participants, covering more than 190 countries and regions, processing about 70% of cross-border RMB payments, becoming the “main channel” for RMB cross-border clearing.
This breakthrough coincides with a time when global geopolitics is complex and financial market volatility is intensifying, highlighting the RMB’s safe-haven properties and resilience in a turbulent environment.
As the global trend of “de-dollarization” emerges, the construction of the RMB cross-border payment ecosystem is accelerating, and the process of diversification of the international monetary system is accelerating.
Second, three major engine drivers: coordinated efforts of policy, network and technology
1.
Policy Escort: Clarify Strategic Direction
The 2026 Government Work Report lists “expanding the cross-border use of RMB” as a key task.
The central bank has clearly proposed to “accelerate the construction of an independent and controllable RMB cross-border payment system.” The new version of the “RMB Cross-border Payment System Business Rules” was implemented on February 1, relaxing access restrictions for overseas institutions, supporting PVP (payment-to-payment) settlement, and improving efficiency and risk control levels.
2. Network expansion: acceleration of global layout
CIPS is evolving from a regional network to a global infrastructure.
In June 2025, CIPS signed contracts with many foreign banks in Africa, the Middle East, and Central Asia, achieving a historic leap in service network.
Today, its tentacles have extended to core areas of emerging markets, providing stable payment guarantees for global trade and investment.
3. Technology empowerment: synergy of digital renminbi
CIPS and digital renminbi form a “two-wheel drive”.
Through the Multilateral Central Bank Digital Currency Bridge (mBridge), cross-border settlement time has been reduced from days to seconds, and handling fees have been reduced by more than 98%.
The digital RMB has been implemented in energy trade, cross-border e-commerce and other scenarios, complementing CIPS to reshape global payment efficiency.
3. Far-reaching impact: immediate dividends for enterprises and ordinary people
For enterprises: reducing costs, increasing efficiency, and improving competitiveness
-Foreign trade enterprises: using RMB for settlement can avoid exchange rate fluctuations, reduce exchange costs, shorten payment collection cycles, and significantly improve order competitiveness.
– Overseas enterprises: CIPS has wide coverage, fast settlement, supports multi-currency compliance settlement, and reduces cross-border operational risks.
– Investment institutions: RMB cross-border investment and financing channels are smoother, helping to “go out” and “bring in.”
For ordinary people: Consumption and financial management are more convenient
– Cross-border consumption: Support direct payment in RMB, no exchange required, lower fees and faster arrival.
– Study abroad and travel: overseas consumption and tuition payment are more convenient and reduce handling fees.
– Financial management options: The attractiveness of RMB assets has increased, enriching personal cross-border financial management allocations.
4. What do ordinary people do?
Seize the three major opportunities
1. Foreign trade/cross-border e-commerce practitioners: Take the initiative to sign contracts in RMB, bind CIPS/digital RMB channels, and optimize costs and account periods.
2. Foreign trade-related positions: Learn the RMB settlement compliance process, master exchange rate hedging tools, and improve job competitiveness.
3. Personal financial management: allocate RMB-denominated cross-border assets, focus on RMB financial management returns, and diversify single currency risks.
5. Future Outlook: From “payment” to “pricing”, the RMB’s voice has been upgraded again
CIPS exceeding one trillion is an important node for the internationalization of the RMB.
In the future, with the deep integration of CIPS and digital RMB and the continued expansion of global networks, RMB is expected to play a greater role in commodity pricing, international financial transactions and other fields.
The internationalization of RMB will advance from “payment and settlement” to “reserve currency” and “pricing currency”, reshaping the global currency landscape.
RMB cross-border payments have exceeded one trillion, which is an inevitable result of China’s economic strength and financial openness, and is an important signal for the reform of the global monetary system.
As infrastructure continues to improve and application scenarios continue to expand, the RMB will inject more stability and vitality into global trade and finance.
