China’s RMB Settlements Along BRI Markets Up 19.6%
China’s drive to de-dollarization, and the emergence of the RMB Yuan as a global reserve currency has increased. China’s RMB settlements with Belt and Road countries stood at 5.42 trillion yuan (US$763.4 billion) in 2021, up 19.6% year on year, according to the People’s Bank of China.
This trade accounted for 14.8% of China’s total cross-border use of RMB in 2021. RMB settlements climbed 14.7% in trade of goods and 43.4% in direct overseas investment.
By the end of 2021, China had signed bilateral currency swap agreements with 22 countries along the Belt and Road and established RMB clearing arrangements in eight of them.