Rising RMB usage among Chinese and overseas corporates and financial institutions Increasing foreign participation in China’s onshore asset markets as reforms deepen Expanding RMB application enabled by infrastructure upgrades and digital innovation Beijing, 19 December 2025 —The international use of China’s renminbi (RMB) has entered a new phase of accelerated, broad-based growth that is expected to extend well into 2026 and beyond. This is the central finding of the RMB Internationalisation Report 2025: New opportunities drive new growth momentum, jointly published by China Construction Bank (CCB) and The Asian Banker, the publishing arm of TAB Global. The 2025 survey results confirm that the RMB has strengthened its role across trade settlement, financing, investment and payments, supported by deeper market access, expanding overseas operations of Chinese enterprises, and rapid advancements in RMB infrastructure and digital innovation. Despite global economic and geopolitical uncertainties, the survey shows that institutions are not only maintaining but expanding RMB usage across their core business lines. CCB notes in the report’s foreword: “As China continues to improve cross-border RMB usage mechanisms and strengthen its financial infrastructure, while advancing high-standard two-way opening-up of the financial market, the breadth and depth of RMB usage in cross-border settlement, investment and financing have expanded steadily, with internationalisation metrics showing consistent upward trends.” Christian Kapfer, director of research at TABInsights, the research arm of TAB Global, highlights the broadening of RMB adoption: “What stands out in this year’s findings is that RMB usage is no longer concentrated in trade. Institutions are scaling up RMB financing, investment and cash management as part of long-term strategic positioning. This signals a more durable shift in the currency’s global role.” The RMB’s internationalisation unfolded against a backdrop of global realignments in trade, capital flows and technology. China’s outbound investment continued to rise; global supply chains diversified; and monetary systems edged further towards multipolarity. Combined with domestic reforms — including capital-market liberalisation and enhancements to cross-border payment infrastructure — these forces strengthened the practical utility of the RMB. These trends are now being amplified by emerging catalysts: central bank digital currency (CBDC) pilots, the mBridge multi-CBDC platform, the expansion of Cross-Border Interbank Payment System (CIPS) and Chinese enterprises’ sustained globalisation. Together, they have created the conditions for stronger RMB internationalisation in 2025 and beyond. Stronger momentum in RMB-based trade settlement China’s economy today is shaped by global shifts in trade, finance and technology. Despite the United States–China tensions and tariffs, China’s trade surplus remains large as exporters pivot towards the Global South and Belt and Road Initiative (BRI) countries. In 2024, the Global South accounted for 44% of China’s exports (up from 35% in 2015) and contributed 54% of its overall trade surplus. Against this backdrop, RMB’s use in trade settlement continued to expand. SWIFT reported that as of February 2025, the RMB accounted for 4.33% of global payments by value. Trade settlement remains the most widely used RMB product; 81% of Chinese companies reported using RMB for cross-border trade, while uptake among overseas companies jumped from 55% to 70% year on year. Financial institutions (FIs) also reported a pronounced rise in RMB trade flows. Continued growth in demand for RMB-based financing Demand for RMB-denominated financing is also rising, driven by China’s lower interest-rate environment and growing corporate RMB revenue streams. Among financing types, trade finance saw the most momentum. SWIFT data showed that by February 2025, the RMB had overtaken the euro to become the world’s second-largest currency for trade finance, with a 6.34% share of global transactions. RMB bond issuance also increased. In 2024, foreign FIs and enterprises issued nearly RMB 200 billion ($28.2 billion) in Panda bonds in China, up 32% year-on-year, while offshore RMB bond issuance rose 150%. Survey findings echo this trend, with 45% of overseas companies increasing their use of RMB financing (up by two percentage points from last year’s results) and more global FIs allocating to RMB debt instruments. Lower interest rates remained the key driver of rising RMB financing, cited by 72% of both Chinese and overseas companies, followed by expectations of future RMB revenue streams, cited by 66% of overseas companies and 72% of Chinese companies. Steady increase in foreign holdings of onshore RMB assets Since 2024, China has continued liberalising access to its onshore capital markets and simplified cross-border arrangements. Reforms such as Qualified Foreign Investor (QFI) rule changes, expanded Bond Connect quotas and the establishment of over-the-counter (OTC) bond arrangements in London have increased foreign access to onshore bonds and reduced time and cost burdens for corporates. As a result, foreign holdings of onshore Chinese bonds reached about RMB 3.35 trillion ($471.8 billion), and foreign holdings of China A-shares stood at approximately RMB 3 trillion ($422.5 billion), both up steadily from end-2023. The trend is expected to continue in 2025. Survey results show that global FIs are deepening their allocation to RMB-denominated assets. Notably, 50% of FIs expect their RMB bond holdings to exceed 40% of their total bond portfolios by 2025—double the share in 2024. Interest in A-share allocations also showed an upward trend. Chinese enterprises’ global expansion drives RMB adoption China’s outward expansion is emerging as a durable catalyst for international RMB usage. In 2024, China’s total outbound direct investment (ODI) reached RMB 1.159 trillion ($163.2 billion), up 11.3% year on year, with notable investment in ASEAN and rising interest in the European Union and the United Kingdom. As these companies build global footprints, they generate sustained demand for RMB liquidity, hedging tools and payment services. Survey results show that Chinese companies going global displayed a higher-than-average use of nearly all RMB products. Some 45% of these firms held offshore RMB deposits, 40% used offshore RMB financing and 41% engaged in RMB-denominated cross-border direct investments. Their use of RMB for cross-border securities investment and offshore wealth management also exceeded overall survey results. However, RMB usage for cross-border cash management among these firms was slightly lower than average, suggesting room for growth as operations scale. Infrastructure upgrades and digital innovation unlock new RMB use cases In 2024, CIPS, the key infrastructure for RMB settlement, continued to attract new participants and volumes, with 168 direct and nearly 1,500 indirect participants across more than 100 jurisdictions. CIPS processed an estimated RMB 175 trillion ($24.6 trillion) of transactions in 2024, a year-on-year increase of roughly 43%. Survey responses show global FIs routing more RMB flows through CIPS, and 53% of FIs expecting it to handle more than 40% of their RMB transactions by 2025. SWIFT usage remained steady but grew more at a slower rate. At the same time, digital innovation is opening new corridors. The multi-CBDC platform mBridge reached its minimum viable product (MVP) stage in 2024, enabling real-value cross-border CBDC transactions between participating authorities. Meanwhile, digital RMB (e-CNY) pilots and cross-border trials are expanding. These digital rails promise faster settlement, lower fees and new liquidity channels for banks and corporates. A durable and expanding trajectory for the RMB The RMB Internationalisation Report 2025 shows steady expansion in the RMB’s global use in 2024, with momentum expected to accelerate through 2025–2026. Growth in RMB-based trade settlement, widening adoption of RMB-denominated financing, deeper foreign participation in onshore capital markets, the global expansion of Chinese enterprises and rapid development of cross-border financial and digital-currency infrastructure are together reinforcing the currency’s long-term internationalisation path. These structural trends position the RMB for a more prominent role in the evolving global financial system. The full RMB Internationalisation Report 2025 is available for download here About the RMB Internationalisation Report Since 2018, China Construction Bank and The Asian Banker, the publishing arm of TAB Global, have jointly conducted a comprehensive annual study on cross-border RMB usage. The 2025 edition is based on a structured survey of 2,191 senior executives from financial institutions, Chinese companies and overseas companies across 23 markets, supported by analysis of trade, capital-market, payment and financing data. The report examines practical usage patterns, expectations and barriers to RMB adoption, and provides insights into the structural forces shaping the currency’s long-term international development. About China Construction Bank China Construction Bank (CCB) is one of China’s leading commercial banks, with a global network supporting corporate, retail and institutional clients. As a designated offshore RMB clearing bank in multiple financial centres, CCB provides clearing, settlement and liquidity services that facilitate the international use of the renminbi. Through its role in cross-border payment infrastructure and RMB market development, CCB contributes to the safe and efficient growth of RMB internationalisation. About TAB Global TAB Global is a leading strategic intelligence, research and media group serving the financial services industry across Asia, the Middle East, Africa and global markets. Through its brands—The Asian Banker, TABInsights, Wealth & Society and The Banking Academy—it provides data-driven analysis, benchmarking and independent commentary on transaction services, financial markets, corporate banking, digital transformation and bank leadership. TAB Global delivers research, advisory, consulting, training, content and community platforms that help institutions navigate industry shifts, make informed decisions and drive sustainable innovation across global finance. For media enquiries, please contact: Genivi Factao Editor TAB Global Email: gfactao@tab.global
