Renminbi's International Role Grows Modestly as China Focuses on Commercial Use

The renminbi's (RMB) international role has grown significantly over the past decade. Since 2012, it has been monitored by the SWIFT-organised RMB Working Group in Hong Kong, which helped build out the offshore RMB ecosystem.

In 2025, the RMB's share of global foreign exchange trading rose steadily, narrowing the gap with established currencies like the US dollar. However, its scale remains modest, making up only 8.5% of all foreign exchange trades compared to the dollar's 89%.

Despite this, there has been a revival in RMB borrowing. In the first half of 2026, Panda bond issuance reached 160 billion RMB (US$23.8 billion), up 68% from the previous year. Foreign banks, multinationals, sovereigns, and multilateral institutions are increasingly participating in the market.

Chinese banks like Bank of China and CITIC Bank are providing services to multinational companies across borders, offering integrated RMB and foreign-currency cash pooling, global cash management, foreign exchange, and supply chain finance. However, this remains a predominantly China-centric system.