The issuance of RMB sovereign bonds in Britain indicates that the reserve function of RMB has been recognized by western countries. Since the pilot of RMB settlement of cross-border trade was officially launched, with the continuous release of reform dividends, the pace of RMB internationalization has become more and more steady, and the attraction of RMB as an international reserve currency has become more and more important.

101October 2 1 day, the first RMB sovereign bond issued by the British government was listed on the London Stock Exchange. The British government has successfully issued the first RMB sovereign bond with a scale of RMB 3 billion and a term of three years. As the first western country to issue RMB government bonds, the British Treasury has previously announced that the funds raised by this bond issue will provide financial support for Britain's foreign exchange reserves.

This issue not only marks that RMB has officially become Britain's foreign exchange reserve currency, but also marks that the reserve function of RMB has begun to be recognized by western countries. Zhou Xiaochuan, governor of the central bank, said recently that some countries have begun to use RMB as their foreign exchange reserve currency. With the economic growth and financial system reform in China, it is a good thing that more and more countries use RMB as reserve currency.

Cross-border payment and settlement in trade and investment have stimulated the global demand for RMB, thus expanding the amount of RMB deposits and the pool of funds, and driving the increasingly rich RMB financial products. These factors have boosted the confidence of countries around the world in the RMB, and made the RMB's reserve function more and more recognized.