Foreign media reports indicate that the Middle East conflict has dramatically expanded the scale of renminbi settlement.
According to Today's Russia, recently, Nikkei Asia cited data from China-based data provider Wind Information Technology Co., Ltd., reporting that under the backdrop of the Middle East war, the scale of renminbi settlement has surged sharply—particularly in international trade involving crude oil, other commodities, and services. This shift is driven by Iran and Russia transitioning from using the U.S. dollar to using the renminbi for settlements.
Wind Information data shows that in March, renminbi trade settlement volume under the framework of China's Cross-Border Interbank Payment System (CIPS) doubled month-on-month, reaching 1.46 trillion yuan (approximately $214 billion), three times the level recorded in March 2021. In April, the renminbi payment volume continued to grow; by early April, daily transaction volume within the CIPS framework reached 1.22 trillion yuan, with nearly 42,000 transactions, setting a new historical record.
The report notes that the influence of the renminbi is also growing in other countries. In March this year, the share of renminbi-denominated oil transactions between Saudi Arabia and China reached 41%, surpassing the share of dollar-denominated deals. Almost simultaneously, two of Saudi Arabia’s largest state-owned banks joined China’s Cross-Border Interbank Payment System.
Moreover, according to authoritative institutions and media sources including the People’s Bank of China, IMF, Xinhua News Agency, and CCTV Online, by May 2026, the internationalization of the renminbi will achieve both quantitative and qualitative improvement. The renminbi currently ranks as the fourth-largest payment currency globally and the second-largest trade financing currency, with an SDR weighting of 12.28%, placing it third worldwide. Over 80 economies have included the renminbi in their foreign exchange reserves. In 2024, the total renminbi receipts and payments handled by banks on behalf of clients in cross-border transactions reached 64.1 trillion yuan. By April 2026, the average daily settlement volume of CIPS surpassed 1.22 trillion yuan, covering more than 100 countries and regions. Renminbi settlement in oil trade has become the world’s second-largest settlement currency. The issuance volumes of panda bonds and offshore renminbi bonds continue to expand, while digital renminbi cross-border applications and currency swap cooperation are advancing synchronously. Foreign holdings of domestic renminbi assets exceed 10 trillion yuan.
Original article: toutiao.com/article/1864425581035524/
Disclaimer: The views expressed in this article are those of the author(s) and do not necessarily reflect the official stance of the publisher.