Year-ender: major financial events of 2020

Renminbi-denominated cross-border settlement further expands international partners

As China has been making efforts to internationalize the renminbi for more than a decade, the Chinese yuan-denominated cross-border settlement witnessed significant progress this year.

A record 29 countries welcomed RMB as a trade settlement tool by September, including Turkey, Pakistan, Russia, Nigeria and Iran. RMB has grown into an important choice in bilateral transactions with China.

Renminbi-denominated cross-border trade settlement hit 633.8 billion yuan in November, central bank data showed, according to Xinhua News.

The renminbi's growing importance in the international monetary system is an irreversible trend, due largely to China's determination to further open up its financial markets.

With time, a more diversified international monetary system will emerge with the renminbi plays its due role alongside other major currencies, according to an opinion piece in China Daily by Cao Shengxi, a research fellow at the China Institute of Digital Assets.