According to a report on April 21 on the website of Hong Kong's South China Morning Post, a survey result released by the International Monetary Institute of Renmin University of China and others on April 20 showed that as the safety and credibility of American assets are questioned, both domestic and foreign enterprises are becoming more enthusiastic about using the renminbi for international payment settlements. The report stated that economists said the weakening dominance of the US dollar, especially the weakening situation caused by the series of policies of the new US government, has created favorable opportunities for the internationalization of the renminbi. A survey conducted by Renmin University of China on the internationalization of the renminbi in the fourth quarter of 2024 showed that the proportion of enterprises planning to increase renminbi settlement rose from about 21.5% in the second quarter to about 23% in the fourth quarter. In the first quarter of 2025, this proportion further increased to nearly 24%. Moreover, approximately 68% of the surveyed enterprises are involved in cross-border trade settlement business denominated in renminbi, and 53% participate in foreign exchange trading business. Professor Yang Changjiang of Fudan University’s finance department said: "The sharp fluctuations in the US Treasury market recently have been a watershed event." He pointed out that unlike previous periods of turmoil, this time global capital did not flow towards the United States. The report noted that over the past two weeks, due to Trump's "Freedom Day" global tariff plan disrupting the market, panic selling of US Treasuries occurred. The market is also worried about further financial turbulence. Professor Yang Changjiang said: "In the past, it was believed that trade settlement was the key driver of the internationalization of the renminbi, but now the focus has begun to shift to whether the renminbi can be used as a safe-haven asset." He said: "This is an opportunity we must seize." The report pointed out that as the second largest economy in the world, more bonds denominated in renminbi issued by offshore institutions, known as "Panda Bonds," have appeared in the Chinese market. Statistical data show that by mid-April, the cumulative issuance amount of "Panda Bonds" exceeded 950 billion yuan. The report noted that although the tendency to use renminbi overseas is increasing, its usage range is still far smaller than that of the US dollar. Deputy Dean Tu Yonghong of the International Monetary Institute of Renmin University of China said that under the current international situation, the global monetary system may further diversify, which will benefit the use of renminbi overseas. The above survey suggested expanding cross-border payments through the promotion of digital renminbi. Deputy Dean Tu Yonghong stated that the Chinese government and enterprises can jointly strengthen cooperation with neighboring countries in the industrial chain while continuing to promote the Belt and Road Initiative. (Translated by Hu Wei) Original source: https://www.toutiao.com/article/7496332998581830154/ Disclaimer: This article represents the author's own views. Please express your attitude by clicking the "Like/Dislike" buttons below.