Asia FI & FX Strategy Viewpoint: Key pillars of RMB internationalization

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Asia FI & FX Strategy Viewpoint: Key pillars of RMB internationalization

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Asia FI & FX Strategy Viewpoint

Key pillars of RMB internationalization

The push and pull factors of RMB internationalization 26 May 2026

With the USD retreating from its multi-year highs and the de-dollarization narrative GEM FI & FX Strategy

gaining traction since 2025, the external environment has become more conducive for Asia

China to elevate the RMB’s status on the global stage. In the outline of the 15th Five- Janice Xue

Year Plan, policymakers set out the following priorities for RMB internationalization: 1) Emerging Asia FI/FX Strategist

developing an independent, secure, and controllable cross-border RMB payment system; Merrilljanice.xue@bofa.comLynch (Hong Kong)

2) expanding the use of RMB in international trade, investment, and financing; 3) Claudio Piron

enhancing the level of capital account openness; and 4) advancing the development of Emerging Asia FI/FX Strategist

offshore RMB markets. With strong policy support, we expect RMB internationalization Merrillclaudio.piron@bofa.comLynch (Singapore)

to gain further momentum in the coming years. Joyce Liang

Research Analyst

RMB as a payment currency: steady progress Merrilljoyce.liang@bofa.comLynch (Singapore)

The usage of RMB in China’s cross-border payments and receipts by non-banking Di Miao, CFA

sectors has more than tripled, from 17% as of Dec 2016 to 56% as of March 2026. Our Research Analyst

estimates suggest that a large majority of financial account transactions by non-banking Merrilldmiao@bofa.comLynch (Hong Kong)

sectors are now settled in RMB, while around 30% of cross-border goods trade is settled

in China’s domestic currency. Globally, CNY has overtaken the EUR as the second most