Title:Progress and Achievements of the RMB Internationalization since the 18th National Congress of the CPC

Author:XIE Yaxuan and LUO Jiacheng

Renminbi internationalization is reflected by its overseas usage in payment，investment，financing，pricing and foreign exchange reserves. This journey first started from July 2009 with the launch of the Measures for the Administration of Pilot Renminbi Settlement in Cross-border Trade. In nearly ten years since put forward at the 18th National Congress of the CPC to “promote the convertibility of renminbi under capital accounts in due course”，the People’s Bank of China (PBC) and other sectors，under the unified arrangements of the Party Central Committee and the State Council，have clarified the direction of the course and promoted it in a steadily and prudent manner around the national strategic layout. During the decade，renminbi has expanded its influence from regional to global，and included payment，investment，financing，pricing，as well as foreign exchange reserves into its functions，making significant contribution in advancing China’s reform and opening up，as well as high-quality development of the real economy.

Main Progress during the Decade