The share of the Chinese currency the renminbi (RMB) in cross-border payments hit a record high in 2020 and continued to gain steam, according to a report on the internationalization of the RMB published by the China Banking Association. The cross-border use of the RMB surged 44.3% year on year to 28.38 trillion yuan last year, of which cross-border receipts reached 14.1 trillion yuan and payments came in at 14.28 trillion yuan, according to the report.
——Yuan's popularity for global payments hits Five-Year high, by Bloomberg
RMB cross-border settlement can improve the efficiency of transactions, so that companies can focus on operations and research and development. This will also help companies generate more IPRs and innovations findings, which is of great significance to the promotion of Chinese companies' internationalization concepts.