Trade in more than 30 countries can be settled in RMB

                                                            Trade in more than 30 countries can be settled in RMB

             The data showed that by December 2022, the RMB remained the third in the global cross-border trade volume, accounting for 3.91 percent, after the US dollar and the euro. More and more countries are considering using the yuan to settle trade

     Russia

   On March 22, Russia Today (RT) reported that Russian President Vladimir Putin said that Russia is ready to use the yuan for foreign trade settlement with other countries.

      Republic of Belarus 

      On March 21, Changjiang Daily reported that Hanou International Trade, a subsidiary of Hanou International, paid 546,600 yuan to buy new products such as Belarusian Sausi crystal milk and Russian milk, sunflower oil, noodles and flour.

     The transaction is the first to be settled in renminbi. This is a useful attempt by Hanou International to enrich the settlement methods and promote the internationalization of RMB.

     Previously, the international foreign trade business of Han-Europe adopts US dollar or euro settlement, which requires complicated exchange procedures. In addition, affected by the epidemic, international situation and other factors, the exchange rate of US dollar or euro fluctuates greatly, which is easy to generate exchange rate risks and increase exchange costs.

      In March last year, the Belarus Foreign Exchange and Stock Exchange announced that it would begin trading the yuan on March 18, 2022.

      At the time, the Belarus Foreign Exchange and Stock Exchange said in a statement: "In order to expand the range of financial instruments available to trading participants, taking into account the gradual development of Belarusian-Chinese relations and the increasing use of national currencies in mutual trade, the Belarusian Exchange Stock Exchange will offer the opportunity to trade with the Chinese yuan on the exchange's trading system from March 18, 2022."

     Brazil

        According to Brazilian statistics, by 2022, Brazil-China trade had exceeded 100 billion U.S. dollars for five consecutive years, and China had been Brazil's largest trading partner for 14 years in a row. According to Chinese Customs statistics, the bilateral trade volume between China and Pakistan in 2022 was 171.49 billion U.S. dollars, up 4.9 percent year on year.

      In February, the People's Bank of China and the Central Bank of Brazil signed a memorandum of cooperation on establishing renminbi clearing arrangements in Brazil.

       An official of the People's Bank of China said that the establishment of the RMB clearing arrangement in Brazil will help Chinese and Brazilian enterprises and financial institutions use RMB for cross-border transactions and further promote bilateral trade and investment facilitation.

     Iraq

     Iran

      Saudi Arabia

       Cambodia

       Argentina

       ................

       Use RMB to settle settlement, the exchange cost is reduced.

         According to statistics, at least 30 countries in the world have begun to use RMB for settlement. In terms of geographical location, these countries are mainly distributed in the surrounding area of our country, and some Gulf countries.

          Including North Korea, Mongolia, Pakistan, Vietnam, Laos, Myanmar, Nepal, Kazakhstan, Singapore, Indonesia, Turkey, South Korea, Malaysia, Iran, Russia, Germany, the United Kingdom, Argentina, Canada and other countries.