Expanding the cross-border use of the RMB, maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level, promoting the internationalization of the RMB, and expanding its use in international trade and investment and financing... Opening up the draft outline of the 15th Five Year Plan and this year's government work report and plan report, the internationalization of the RMB has been mentioned multiple times. From a settlement currency that becomes more and more "good" as it is used, to an investment and financing currency that becomes increasingly "fragrant" as it is invested, the Chinese yuan has taken solid and firm steps towards becoming a "powerful currency". The Chinese yuan is more user-friendly, and as spring warms up, various types of butterfly orchids are blooming in the planting base of Kunming Uni President Biotechnology Co., Ltd. Every month, 100000 pots of flowers fly from here to Thailand, Vietnam, Russia, Brunei and other places. Chen Yufan, the general manager of Uni President Biotech, said that their orders with overseas customers are now quoted in RMB and settled in RMB first. The acceptance of RMB by overseas customers is increasing. ”This is not only Chen Yufan's feeling, but also a major trend in China's global trade. The data shows that the proportion of RMB used in cross-border trade has increased from 16% in 2020 to nearly 30% in 2025. On March 6th, Pan Gongsheng, the Governor of the People's Bank of China, stated at the economic themed press conference of the Fourth Session of the 14th National People's Congress that, on a comparable basis, the RMB has become the largest settlement currency for China's external payments, the second largest trade financing currency, and the third largest payment currency in the world. Li Minbin, a member of the National Committee of the Chinese People's Political Consultative Conference and joint CEO of Bank of East Asia, said that RMB settlement has become a priority choice for enterprises to reduce exchange costs and stabilize supply chains. In 2009, the pilot program for RMB settlement in cross-border trade was launched. Why has the Renminbi become the preferred choice for Chinese enterprises in foreign trade over the past decade? The foundation lies in the steady upward trend of the Chinese economy and the accelerated process of enterprises going global. By 2025, the total import and export value of China's goods trade will reach 45.47 trillion yuan, an increase of 41.1% compared to 2020, with an average annual growth rate of 7.1%. The massive trade volume provides a wide range of application scenarios for the Renminbi. Gu Wei, Vice President of JPMorgan Chase Bank (China) Limited, said that more and more Chinese companies are "going global" and have greater bargaining power in the international market, which will promote the use of the renminbi and achieve wider circulation of the renminbi. The expanding circle of friends for the Chinese yuan and the increasingly dense global payment and clearing network have laid a solid foundation for the usability of the yuan. By the end of 2025, the People's Bank of China has signed bilateral currency swap agreements with central banks and monetary authorities in 32 countries and regions, with a total scale exceeding RMB 4.5 trillion; The Renminbi Cross border Payment System (CIPS) has 193 direct participants and 1573 indirect participants, with business reaching over 5000 legal entities in 190 countries and regions. The increasing ease of use of the Chinese yuan lies in effectively addressing the pain points of foreign trade enterprises: using the yuan for settlement can effectively avoid exchange rate fluctuations and reduce exchange costs. By settling in RMB, we have reduced a lot of uncertainty in financial planning, "said Chen Yufan. The draft outline of the "15th Five Year Plan" proposes to "expand the use of RMB in international trade and investment and financing". From settlement currency to investment and financing currency, the internationalization of the Renminbi continues to advance. On February 5th, Malaysia's Lianchang Bank issued a 2-year panda bond worth 3 billion yuan in the Chinese interbank market, attracting enthusiastic subscription from domestic and foreign investors. Panda bonds are bond products denominated in RMB issued by overseas institutions within China. Data shows that as of the end of February 2026, the cumulative issuance scale of Panda bonds has exceeded 1.2 trillion yuan, with over 100 issuing institutions. The RMB denominated bonds issued in Hong Kong - Dim sum bonds also showed a strong momentum of development. Relevant data shows that the total amount of Dim sum bonds issued in 2024 and 2025 will exceed trillion yuan for two consecutive years. "In recent years, the booming development of spot bond market and Panda bond market has enhanced the function of RMB as a financing currency. ”Wang Dongsheng, a member of the National Committee of the Chinese People's Political Consultative Conference and Chairman of The Hongkong and Shanghai Banking Corporation Limited, said. As the RMB becomes increasingly popular as an investment and financing currency, global investors are increasingly favoring RMB assets. Data shows that by the end of 2025, overseas institutions and individuals will hold domestic RMB financial assets exceeding 10 trillion yuan; More than 80 countries and regions' central banks or monetary authorities have included the Chinese yuan in their foreign exchange reserves. Zhang Wenjie, President of Citigroup China and President of Citibank (China), told reporters that in the past few years, international investors' investment strategies for Chinese assets have shifted from long-term "low allocation" to "indispensable". China's financial market is promoting high-level opening up, which is continuously facilitating global investors to embrace RMB assets. At present, the interconnection between the capital markets of mainland China and Hong Kong has entered its second decade, and relevant mechanisms are continuing to be optimized and expanded, as well as promoting the construction of related financial ecosystems. These measures will enhance the willingness of overseas investors to invest in and hold RMB assets. Member Wang Dongsheng said that the huge scale and development potential of China's stock and bond markets will further enhance the investment and financing currency function of the renminbi. Pan Gongsheng said that we will continue to improve the interconnection of domestic and foreign financial markets, cross-border interconnection of payment systems, enhance the convenience of cross-border trade and investment and financing activities, and orderly promote the internationalization of the renminbi. The draft outline of the 15th Five Year Plan proposes to enhance the level of capital account openness, establish an independent and controllable RMB cross-border payment system, and develop the offshore RMB market. The internationalization of the Renminbi is entering the 2.0 window period. ”Lu Jing, President and Vice Chairman of Standard Chartered Bank (China) Limited, believes that the expansion of RMB usage scenarios and the improvement of various financial functions will all be demonstrated during the "15th Five Year Plan" period. How to lay out the vision of RMB internationalization 2.0 in the context of the 15th Five Year Plan? ——Let the 'living water' of the offshore market flow. Member Wang Dongsheng said that the key to the development of the offshore RMB market lies in expanding Hong Kong's offshore RMB capital pool. He suggested continuing to promote RMB trade financing, implementing the inclusion of RMB counters in the Hong Kong Stock Connect, and enhancing the value of RMB assets. On February 26th, the People's Bank of China issued a notice to support domestic banking and financial institutions and overseas institutions to carry out RMB cross-border interbank financing business in a standardized manner. This will be beneficial in providing stable liquidity for the offshore RMB market and promoting the cross-border use of the RMB. ——Enrich the investment toolbox for RMB. Member Li Minbin suggested optimizing cross-border investment and financing facilitation policies, enriching RMB denominated financial products and risk management tools, and enhancing the recognition of RMB in investment and reserve fields. ——Consolidate the RMB "circle of friends" through regionalization and digitization. Member Li Minbin stated that the promotion and application of CIPS should be accelerated, and the pilot implementation of digital RMB cross-border should be promoted to build a secure and efficient global payment and clearing network. To accelerate the construction of a financial powerhouse, it is necessary to firmly promote the internationalization of the renminbi. ”Li Yinquan, a National People's Congress representative and director of China Merchants Capital, said. (New Society)