With the sound development of China's economy, the international status of RMB has become increasingly prominent. The process of RMB internationalisation has been accelerated. At the same time, because the Federal Reserve’s aggressive interest rate hikes, banking crises and economic recession risks continue to amplify the risk of US dollar credit overdrafts. Many countries have to accelerate measures to deal with the impact of US financial risk spillovers on other countries. More and more countries choose to join the team of "de-dollar", and now the international currency settlement is increasingly showing a trend of diversification. The diversification of currency settlement also provides impetus for the orderly advancement of RMB internationalisation.
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According to news from the website of the Ministry of Commerce on the 11th, the Ministry of Commerce and the People's Bank of China jointly issued the "Notice on Further Supporting Foreign Economic and Trade Enterprises to Expand the Cross-border Use of Renminbi to Promote Trade and Investment Facilitation". The notice emphasizes that local commercial authorities and branches of the People's Bank of China must thoroughly study and implement the spirit of the 20th CPC National Congress and the Central Economic Work Conference, fully understand the positive role of cross-border RMB business in serving the real economy and promoting trade and investment facilitation, and timely identify and coordinate According to the needs of industry and enterprises, targeted measures should be taken in light of local conditions to create a good environment for the cross-border use of RMB.