The global influence of China’s RMB cross-border payment system is increasing. According to an article published on the 25th on the “Nihon Keizai Shimbun” website, as China’s economic influence continues to increase, the number of financial institutions joining Chinaese RMB cross-border payment system has gradually increased.
The article said that as of the end of July, 984 financial institutions from 97 countries and regions have joined Chinaese RMB cross-border payment system. Within this year, the number of financial institutions joining this system is likely to exceed 1,000.
The article said that in order to promote the internationalization of the RMB, China launched the RMB cross-border payment system in 2015. Financial institutions participating in the system can easily conduct trade settlement and remittance services denominated in RMB. Currently in Japan, in addition to large banks such as Mizuho Bank and Mitsubishi UFJ Bank, local banks such as Chiba Bank and Changyang Bank have also joined the system.
The article pointed out that, from the perspective of regional distribution, Asian financial institutions currently join the Chinese RMB cross-border payment system, accounting for more than 70% of the total. Chinaese RMB cross-border payment system has a prominent influence in the co-construction of the “Belt and Road” countries.