Hong Kong and Macau
Renminbi is not legal tender in China, China, Hongkong and China and Macau. They issue Hong Kong dollars and Macao dollars on their own according to the Basic Law. However, some shops in Hong Kong and Macao accept RMB transactions, and some banks in Hong Kong also open RMB windows to allow citizens to access or transfer RMB cash. On February 24th, 2003, the People's Bank of China appointed Bank of China (Hong Kong) Limited as the clearing bank for RMB business in Hong Kong.
Taiwan region
Ordinary merchants in Taiwan Province Province, China do not accept the use of RMB. The laws of Taiwan Province Province only regard RMB as "negotiable securities" and have no monetary status. Generally, banks in Taiwan Province Province do not accept RMB exchange, but financial institutions, wharves and wharves in Mazu and Jinmen started RMB exchange on June 3 and June 4, 2005 respectively, with a maximum of RMB 20,000 each time. Since July 4th, 2008, with the realization of the "three links" such as "weekend charter flights" between the mainland and Taiwan Province Province, it can be freely exchanged in financial institutions, docks and docks in Taiwan Province Province, but there are certain restrictions.
Other parts of Asia
Singapore
The RMB clearing business has settled in Singapore, and it is generally believed that the scale of RMB deposits absorbed by Singapore is second only to that of Chinese mainland and Hongkong. Some analysts pointed out that a large amount of international trade was settled in US dollars, and the shortage of US dollars increased the trade financing cost of US dollars during the financial crisis, while RMB provided a new choice for trade settlement between China and other countries.
South Korea
20 14 On July 2, the South Korean Presidential Palace announced that China and South Korea will sign a direct trading agreement between the won and the RMB at this week's summit.
China and South Korea will sign a direct currency trading agreement. Under the goal of reducing dependence on the US dollar, reducing exchange rate risks and promoting the internationalization of bilateral currencies, the liquidity and activity of RMB in the international market are expected to be further enhanced, and the investment and use channels are also expected to be broadened.
Since the establishment of diplomatic ties 22 years ago, China-ROK relations have developed rapidly in an all-round way, and the two sides have established a strategic partnership and become important partners in many fields. In 20 13 years, the trade volume between China and South Korea reached 274.2 billion US dollars. Korean media, financial research institutions, business circles, etc. Take a positive attitude towards direct currency trading between China and South Korea.
The renminbi is widely used in Mongolia.
Foreign exchange shops in North Korea are free to use RMB.
Renminbi can be used in a few areas of Vietnam, mainly on the northern border.
Some shops in Singapore can use RMB.
Renminbi can be used in Kokang and Wa areas of Myanmar.
RMB can be used in the border areas between China and Russia.
Africa
20 10 June, the first cross-border trade between China and South Africa was settled in RMB. According to the data of Global Banking Financial Telecommunication Association, as of June 20 13 and 18, there were 18 countries in China-Africa trade, compared with only 5 countries in 20 10. Although the trade volume settled in RMB in 20 12 only accounts for 0.5% of China-Africa trade volume, a report of Standard Chartered Bank predicts that by 20 15, China-Africa trade volume settled in RMB will reach 38.5 billion US dollars, accounting for 10% of China-Africa total trade volume. The number of countries using offshore RMB in Africa is growing steadily.
2065438+In July 2005, the Zimbabwean government proposed to use the China currency RMB as the legal tender of Zimbabwe.
Europe
Britain, England
2014 On March 3 1, the Bank of England, the Bank of England and the People's Bank of China signed a memorandum of cooperation on establishing RMB clearing arrangements in London.
This will help banks and other institutions to use RMB in international transactions and promote global trade and investment.
The establishment of RMB clearing arrangement in London will help Chinese and British enterprises and financial institutions to use RMB for cross-border transactions, and further promote the liberalization and facilitation of trade and investment.
The two countries will determine the RMB clearing bank in London.
France, Luxembourg
From June 2065438 to June 2004, "Europe" was a well-deserved key word for RMB internationalization. The central bank first authorized China Construction Bank and China Bank to act as RMB clearing banks in London and Frankfurt respectively, and then announced on the 29th that it had signed a memorandum of cooperation with French Bank and Luxembourg Central Bank to establish RMB clearing arrangements in Paris and Luxembourg respectively.
London and Frankfurt have joined China, Hongkong, Macau, Taiwan Province Province, Singapore and Malaysia, officially becoming RMB clearing cities, while the progress of France and Luxemburg is just around the corner. The development of RMB internationalization cannot be separated from the deposit base of overseas RMB. Deutsche Bank predicts that by the end of 20 14, the offshore RMB deposit base will reach 2.5 trillion yuan.
Other areas
2014165438+14 October, the People's Bank of China authorized Doha Branch of Industrial and Commercial Bank of China to act as the RMB clearing bank in Qatar, which indicates that Qatar will become the first RMB clearing center in the Middle East, which may help oil exporters in the Gulf region to reduce their dependence on the US dollar in the long run.
trade financing
According to the data released by the Global Banking Financial Telecommunication Association, the market share of RMB in global trade financing (letter of credit and collection) has increased from 1.89% in 20 12 to 8.66% in June 20 13, ranking second only to the US dollar. In contrast, the market share of euro in global trade financing dropped from 7.87% in June 20 12 to 6.64% in June 20 13, ranking third. From 20 13 to 10, the market share of US dollar in global trade financing is 8 1.08%, ranking first.
According to the data of Global Banking Financial Telecommunication Association, more and more China importers and exporters and their trading partners use RMB as the pricing currency for letters of credit and collections. Frank, head of the Asia-Pacific Payment and Trade Marketing Department of the Global Banking Financial Telecommunication Association, pointed out that the RMB has obviously become one of the preferred currencies for trade financing in the world, especially in Asia. China, Singapore, Germany and Australia are the countries that use RMB for trade financing the most.
The Report on RMB Internationalization 20 14 released on July 20th, 20 14 focuses on the construction and development of offshore RMB market, analyzes the significance and influence of the construction and development of offshore RMB market on RMB internationalization at this stage, and discusses the realistic path to promote RMB internationalization under the condition that the capital account is not fully opened, as well as the reasonable layout of offshore RMB market. Chen, president of China Renmin University, pointed out when reading the report that the internationalization index of RMB (RII) continued to grow at a high speed in 20 13 years, and RMB is expected to become the third largest international currency in the next three years or so.
According to the latest report released by SWIFT 2065 438+051October 28th, RMB has replaced Canadian dollar and Australian dollar on October 20th1654381October, becoming the fifth largest payment currency in the world after US dollar, Euro, British pound and Japanese yen.
Cross-border payment system
20151010.8, the RMB cross-border payment system (Phase I) was successfully put into operation. The RMB Cross-border Payment System (CIPS) is an important financial infrastructure to provide capital settlement and settlement services for cross-border and offshore RMB business of domestic and foreign financial institutions. The system is planned to be built in two phases. The first stage facilitates the handling of cross-border RMB business and supports cross-border trade in goods and services, cross-border direct investment, cross-border financing and cross-border personal remittance. Its main functions and features include: First, CIPS (Phase I) uses real-time full settlement to handle remittance business of customers and financial institutions. Second, each direct participant can access the clearing business at one point, shortening the clearing path and improving the clearing efficiency. The third is to adopt the international standard of ISO20022 message, which is convenient for participants to directly handle cross-border business. Fourth, the operation time covers major time zones of RMB business such as Europe, Asia, Africa and Oceania. The fifth is to provide private line access for domestic direct participants.
The first batch of organizations directly involved in CIPS include China Industrial and Commercial Bank, China Agricultural Bank, China Bank, China Construction Bank, Bank of Communications, China Merchants Bank, Shanghai Pudong Development Bank, China Minsheng Bank, Industrial Bank, Ping An Bank, Huaxia Bank, HSBC Bank (China), Citibank (China), Standard Chartered Bank (China), DBS Bank (China), Deutsche Bank (China) and BNP Paribas. In addition, indirect participants in online synchronization include 38 domestic banks and 138 overseas banks located in Asia, Europe, Oceania and Africa.