The RMB (renminbi) is China’s official currency and one of the fastest-growing payment currencies in international trade. For businesses trading with Chinese suppliers or buyers, understanding how the RMB works in cross-border transactions is no longer optional — it’s a practical necessity. Rmbinternationaltradingservices helps organisations navigate this shifting currency environment with clarity and confidence.

China’s total imports and exports reached a record RMB 45.47 trillion (US$6.36 trillion) in 2025, representing a 3.8% year-on-year increase, according to the General Administration of Customs China. That volume makes the RMB impossible to ignore.

Why Is the RMB Growing as a Global Payment Currency?

The RMB’s share of global SWIFT payments rose to 3.5% in April 2025, up from just 2% in 2023, according to Deutsche Bank. It now ranks as the world’s fourth or fifth most-used payment currency, depending on the month measured.

Several forces drive this growth. Belt and Road Initiative partner countries now account for 51.9% of China’s total trade value, reaching US$3.39 trillion. As these trading relationships deepen, more settlement happens directly in RMB rather than routing through US dollars.

Cross-border RMB payments and receipts expanded 21.1% year-on-year to 41.6 trillion yuan in January–August 2024, as reported by the People’s Bank of China. That’s not a marginal shift. That’s structural change.

How Does RMB Cross-Border Settlement Actually Work?

CIPS (Cross-Border Interbank Payment System) is the backbone of RMB international settlement. Launched in 2015, it processed 175 trillion yuan in cross-border payments in 2024 alone — up 43% year-on-year, according to Shanghai Government reporting.

As of May 2025, CIPS connected 1,683 participants across 185 countries and regions through over 4,800 banking institutions, per FXC Intelligence. The network keeps expanding. Around 73% of indirect participants sit in Asia, while 17% are European institutions.

For businesses working with Rmbinternationaltradingservices, this infrastructure means faster settlement times, reduced currency conversion costs, and direct access to Chinese markets without unnecessary intermediary steps.

What Does RMB Internationalisation Mean for Trade Businesses?

Trade in services settled in RMB increased 22.3% year-on-year to 1.2 trillion yuan, accounting for 31.8% of total services settlement. Meanwhile, trade in goods settled in RMB reached 26.5% of total settlement — up from 24.8% the previous year.

These numbers tell a straightforward story. More global businesses are choosing to invoice, settle, and hold RMB. The currency still trails the US dollar significantly — the dollar accounts for roughly 89.2% of all FX transactions — but the direction of travel is unmistakable.

Frequently Asked Questions About the RMB

• What does RMB stand for?

RMB stands for renminbi, which translates to “the people’s currency.” It is the official currency of the People’s Republic of China, with the yuan as its primary unit.

• Is the RMB the same as the yuan?

Technically, the renminbi is the currency system while the yuan is the unit of account. In practice, both terms are used interchangeably in international trade contexts.

• How widely is the RMB used in global payments?

As of early 2025, the RMB accounted for between 3.1% and 4.33% of global SWIFT payments, making it the fourth or fifth most-used currency worldwide, according to Deutsche Bank and TAB Insights reporting.

• Can businesses outside China settle trades in RMB?

Yes. Through CIPS and correspondent banking networks spanning 185 countries, businesses can settle directly in RMB, often reducing conversion costs and processing times.

• Why should importers and exporters consider RMB settlement?

Settling in RMB can eliminate double-conversion fees, reduce exposure to dollar volatility, and strengthen commercial relationships with Chinese counterparties who increasingly prefer local currency transactions.