China Construction Bank releases 2022 RMB Internationalization report in New Zealand

AUCKLAND, New Zealand, Nov. 23 (Xinhua)-- China Construction Bank (CCB), a major commercial bank in China, released the 2022 RMB Internationalization Report here at a symposium on China's macroeconomic outlook and bond market opportunities.

The report anticipating a bullish prospect was based on a survey on the internationalization of the Chinese currency, the renminbi (RMB), covering 2,546 Chinese domestic and overseas enterprises and financial institutions.

The survey, conducted jointly by the CCB and financial magazine The Asian Banker, also gave a particular focus on the use of the RMB by the respondents from member states of the Association of Southeast Asian Nations (ASEAN) and signatories of the Regional Comprehensive Economic Partnership (RCEP) agreement.

The report found that the RMB internationalization has made steady headway in serving the diverse needs of various parties, with the respondents having optimistic expectations on the future international use of the RMB. It also found that ASEAN and RCEP regions were generally more proactive in RMB usage.

Yue Liuchang, deputy general manager of the International Business Department of the CCB Head Office, said at the symposium that New Zealand had been an important market for the CCB's international operation.

The report's launch in New Zealand is part of its effort to provide a one-stop solution for New Zealand investors entering China's capital markets, said Yue.

The ratification of the RCEP by New Zealand in 2021 and the upgrade of the free trade agreement between China and New Zealand earlier this year will no doubt further boost bilateral trade and business as China is already New Zealand's largest trading partner, said Yue.

Guests attending the symposium included representatives from New Zealand financial institutions, trade and business enterprises, law firms and media, who expressed their confidence in the Chinese market and investment opportunities.