According to Reuters, the report provided by SWIFT shows that compared with March, the global RMB payment decreased by 24.24%, which was higher than the 65,438+05.76% decrease of all global currency payments in the same period.
According to the report, Hong Kong remains the largest offshore RMB center, with RMB transactions accounting for 76.36% of the total offshore RMB transactions, followed by London and Singapore respectively.
According to Bloomberg News, the proportion of RMB used in international payment has declined. Zhou Hao, an economist at Singapore Commercial Bank, said, "This is the collateral effect of the reduction of cross-border arbitrage activities under capital in the process of squeezing the financial market bubble." "At present, domestic deleveraging, risk reduction and maintaining the stability of the RMB exchange rate against the US dollar are the most important things for the regulatory authorities. The urgency of RMB internationalization is not so high."
In the past, the progress of RMB internationalization mainly benefited from the expectation of local currency appreciation. Overseas institutions are willing to accept RMB in cross-border trade settlement, and have formed RMB fund pool and offshore foreign exchange and bond market overseas.
After August 2065438+2005, the RMB accelerated to enter the depreciation channel, and at the same time, in response to the pressure of local currency depreciation, the authorities greatly tightened the channels for cross-border movement of local and foreign currencies, resulting in a sharp decline in the proportion of RMB overseas deposits and international payments.