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The latest report from the China Banking Association showed Monday, the demand for the Chinese currency, the Yuan or Renminbi (RMB), rose in cross-border transactions in the first half of this year, per Xinhua News Agency.

Additional details

“From January to June, cross-border RMB receipts and payments totaled 12.67 trillion yuan (around 1.84 trillion U.S. dollars), up 36.33% year on year.

Of the total transactions, cross-border RMB payments came in at 6.36 trillion yuan, while cross-border RMB receipts accounted for 6.31 trillion yuan.

By the end of June, the RMB’s share in global payments stood at 1.76%, making it the world’s fifth most important payment currency.

The RMB’s share in global payments fluctuated in early 2020 due to the impact of the COVID-19 epidemic, but it has recovered.

The internationalization of the RMB is facing challenges stemming from the changing global landscape and downward pressure on the economy.”

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