Latest News:  


White Paper: RMB status moving closer to dollar and Euro

(CRI Online)

09:32, July 15, 2013

A worker counts Chinese currency Renminbi banknotes at a bank in Tancheng County of Linyi City, east China's Shandong Province. (Photo/ Xinhua)

A white paper by a major Chinese bank revealed on Friday that thirty percent of its foreign interviewees believe that the future status of RMB will be close to that of the US dollar and the Euro.

The white paper was carried out by the Bank of China on its cross-border RMB business. It is based on the results of 3000 questionnaires from both its domestic and foreign clients which covered the majority of countries and regions trading with China.

The use of RMB in cross-border trade, representing 11 percent of all transactions at the end of May, witnessed a sharp increase since the pilot cross-border RMB settlement was launched in July, 2009. The volume of cross-border RMB settlement in the Bank of China amounted to 1.6 trillion yuan during the first half of this year.

The White Paper suggests that most of the questionnaire respondents maintain positive expectations for the internationalization of RMB and more than half of those polled believe the volume of cross-border RMB settlement would account for 20-30 percent of all cross border settlements in the coming five years.

Among the findings of the questionnaire, 77 percent of Chinese domestic clients and 61 percent of foreign clients plan to utilize RMB in cross-border trade or further improve RMB settlement ratio; while the amount of foreign clients willing to use RMB this year, compared to those taking the questionnaire in 2012, rose by 7 percent.

We Recommend:

How did Chinese solar industry go bankrupt?

Born to lead: 2nd gen of Chinese tycoons

Chinese graduates’ unconventional jobs

China's largest railway terminal officially opens

Dazzling gems shine at Beijing jewelry show

Boeing 787 Dreamliner to serve Beijing-Haikou route

New high-speed rail linking Nanjing, Ningbo opens

Jiaxing-Shaoxing Sea Bridge in E China

Chinese investors' happiness and sadness

Email|Print|Comments(Editor:WangXin、Chen Lidan)

Leave your comment0 comments

  1. Name


Selections for you

  1. Female soldiers in China-Russia joint drill

  2. Truck-bus crash kills 15 in Moscow

  3. Chinese female sailors

  4. People spend cool weekend at seashore

  5. TCM helps prevent diseases in summer

  6. Students from Asiana crash return home

  7. Melaka and George Town in Malaysia

  8. Mo Yan's work "Change" hits Croatia

  9. Model in see-through dress

  10. 10th China Changchun Int'l Automobile Expo

Most Popular


  1. Chinese economy not to take hard landing
  2. RMB becomes more market-oriented: official
  3. High hopes for high-tech export reform
  4. China's automobile organization slams car limits
  5. Shortage of teachers hurts kindergartens
  6. Building on past successes
  7. Inflow of 'hot money' tackled, expert says
  8. Caution urged in seeking experts from abroad
  9. China didn't cause German solar firms' bankruptcy
  10. China, U.S. discuss cyber security

What’s happening in China

In pictures: history of China's auto industry

  1. Death toll rises to 26 in NW China downpours
  2. Typhoon Soulik kills three in south China
  3. Family claims iPhone killed daughter
  4. Shanghai seeks to halt 'subway theater'
  5. Trapped Vietnamese tourists arrive in Xi'an safely