Fuzhou, China (February 11, 2025) – Fujian province continues to demonstrate its commitment to expanding cross-border RMB (Renminbi) transactions, with the total volume surpassing RMB 1.2 trillion in 2024. This signifies the province’s growing role in facilitating international trade and investment using the Chinese currency.
Cao Guiyuan, a member of the Party Committee of the Fujian Branch of the People’s Bank of China, announced on February 11th that Fujian’s cross-border RMB business is progressing steadily and prudently. In 2024, the total volume reached RMB 1.28 trillion, marking a 4.7% year-on-year increase.
This growth underscores Fujian’s strategic importance as a key economic hub, particularly in its trade relations with members of the Regional Comprehensive Economic Partnership (RCEP). The increase in cross-border RMB transactions reflects a broader trend of RMB internationalization and its increasing acceptance in global trade and financial markets.
The expansion of cross-border RMB usage offers several advantages:
- Reduced Exchange Rate Risk: By denominating transactions in RMB, businesses can mitigate the risks associated with fluctuations in exchange rates between the RMB and other currencies.
- Lower Transaction Costs: Direct RMB transactions can eliminate the need for currency conversions, reducing transaction costs and improving efficiency.
- Enhanced Trade Facilitation: The increasing acceptance of RMB in international trade simplifies payment processes and promotes smoother trade flows.
Fujian’s proactive approach to promoting cross-border RMB transactions aligns with China’s broader strategy to enhance the RMB’s global role. As the RMB gains wider acceptance, it is expected to contribute to a more diversified and resilient global financial system.
The steady growth of cross-border RMB transactions in Fujian demonstrates the province’s commitment to economic openness and its role as a facilitator of international trade and investment. This trend is expected to continue as China further promotes the RMB’s internationalization and strengthens its economic ties with its trading partners.
References:
- China News Network. (2025, February 11). 福建2024年跨境人民币业务量超1.2万亿元 [Fujian’s Cross-Border RMB Transactions Exceed RMB 1.2 Trillion in 2024]. Retrieved from [Insert Original URL Here]
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