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<Research>G Sachs: RMB Internationalization Potential Remains Solid; Next Phase Expected to Be Offshore-led with HK at the Center
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Goldman Sachs published a report stating that the international use of RMB improved, but still lagged behind China's global trade footprint, implying RMB invoicing in goods imports among sample countries roughly doubled since 2020 but remained only around 1.5% in 2023. Over the past two years, RMB accounted for about 3-4% of global payments. In 2025, RMB represented about 2% of global official reserves and around 0.9% of international debt securities (by currency denomination). The most notable progress has been in trade settlement related to China, with the share of RMB settlement in China's goods trade growing from 13% in 2019 to 30% in 2025. The broker noted that the next phase may be led by offshore markets, with Hong Kong being at the center of the stage. RMB internationalization is likely to proceed through gradual onshore opening and deeper offshore RMB markets, rather than relying first on broad capital-account liberalization. Aided by RMB appreciation, policy support, and official infrastructure such as PBOC swap lines and offshore clearing banks, offshore RMB liquidity has become cheaper and more stable. Continued RMB appreciation should help keep the interest rate differential between onshore and offshore markets narrow and stable. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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