Growth Trend of Cross-Border RMB Payments (2018-2023)

Data Overview

According to data released by the People's Bank of China, cross-border RMB payments have shown sustained rapid growth over the past 6 years. The total amount in 2018 was RMB 15.8 trillion, rising to RMB 50.1 trillion in 2023, more than tripling.

Key Trends

• 2018-2019: Steady growth, from RMB 15.8 trillion to RMB 19.6 trillion, an increase of about 24%.
• 2020: Driven by the global pandemic, digital payments and cross-border trade surged, reaching RMB 28.4 trillion, up 45% year-on-year.
• 2021: Continued strong growth to RMB 36.6 trillion, up 29%.
• 2022: Slowed to 15% growth, reaching RMB 42.1 trillion, mainly due to volatile global trade conditions.
• 2023: Recovered strongly, surpassing RMB 50 trillion, up 19% year-on-year, a new record.

Drivers

• Policy push: The PBOC signed local currency swap agreements with many countries, expanding RMB usage.
• Trade settlement: Increased RMB settlement ratio in trade with ASEAN, Middle East, etc.
• Financial opening: Channels like Bond Connect and Stock Connect attracted foreign inflows, driving cross-border RMB flows.

Outlook

With the expansion of digital RMB pilot and optimization of the CIPS system, cross-border RMB payments are expected to continue climbing, likely maintaining 15%-20% annual growth.