Abstract: In recent years, the internationalization of RMB has accelerated, yet it still does not fully match China’s position in the global economy. China’s efforts to promote RMB internationalization are not aimed at replacing the US dollar’s global status. Instead, RMB internationalization is an inevitable choice in the context of China’s more open and progressive economic development. It is also necessary to maintain the stability of global industrial and supply chains. Achieving capital account convertibility is a crucial step toward broader financial openness, but it requires the RMB to gain its rightful status.
To further promote RMB internationalization and accelerate the development of offshore RMB markets, the following measures can be taken: first, continue to promote the use of RMB for cross-border trade settlement and pricing. Second, further improve services to support cross-border RMB settlement for emerging business models such as cross-border e-commerce. Third, continue expanding openness to provide more convenient investment and financing services for both “bring in” and “go out”. Fourth, accelerate the development of the offshore RMB market, continue leveraging Hong Kong’s role as the offshore RMB hub, further diversify RMB products, and provide better targets for offshore RMB investment and financing, so as to support the use of RMB in the RCEP region.