1、 目录 3 目录 第一部分概要 1 第二部分2019年人民币国际使用 2 一、跨境使用总体情况 2 二、经常项目收付 5 三、资本项目收付 9 四、境内人民币外汇交易 14 五、人民币计价大宗商品 15 六、人民币国际储备 16 七、人民币跨境现钞调运 16 八、人民币跨境支付系统建设及运行情况 17 九、人民币利率和汇率变动 18 十、央行合作 20 第三部分政策及相关改革进展 21 一、优化跨境人民币业务政策 21 二、推动资本市场双向开放 22 三、完善人民币汇率形成机制 22 第四部分离岸人民币市场发展 23 一、离岸人民币利率和汇率变动 23 二、离岸人民币存贷款 25 三、离岸人民
2、币证券融资 26 四、全球人民币外汇交易 26 五、离岸人民币清算 27 2020 年人民币国际化报告 4 第五部分趋势展望 29 一、人民币支付货币功能将不断增强 29 二、人民币投融资货币功能将持续深化 29 三、人民币储备货币功能将进一步显现 29 四、人民币计价货币功能将有更多发展 30 五、双边货币合作将稳步推进 30 第六部分人民币国际化大事记 33 后记 35 专栏 专栏一周边国家及 “ 一带一路 ” 沿线人民币使用情况 4 专栏二更多外贸企业选择人民币进行跨境收付 7 专栏三熊猫债促进人民币国际债券市场发展 11 专栏四中国债券、股票逐步纳入国际主要指数 13 专栏五境外主体持
3、有境内人民币资产情况 14 专栏六铁矿石交易使用人民币计价结算 16 专栏七人民币跨境结算政策助力更高水平贸易投资便利化 21 专栏八在港发行人民币央票常态化 26 专栏九香港以外其他主要离岸市场发展情况 27 专栏十年度人民币国际使用市场调查 30 图 图 2-120182019 年人民币跨境收付月度图 2 图 2-220102019 年人民币跨境收付情况 3 图 2-32019 年人民币跨境收付金额国别和地区分布情况 4 图 2-4经常项目人民币跨境收付 6 目录 5 图 2-5经常项目人民币占本外币跨境收付比例 6 图 2-6开展跨境人民币结算业务的企业类型 8 图 2-7企业选择跨境人
4、民币结算的驱动因素 8 图 2-820182019 年资本项目人民币跨境收付 9 图 2-920182019 年直接投资人民币跨境收付月度情况 10 图 2-1020182019 年跨境人民币资金池业务收付月度情况 10 图 2-11银行间市场和交易所市场熊猫债发行金额 11 图 2-12熊猫债发行主体构成 12 图 2-1320152019 年 CIPS 日均处理跨境人民币业务笔数和 金额 17 图 2-14上海银行间同业拆借利率走势（1） 18 图 2-15上海银行间同业拆借利率走势（2） 19 图 2-16境内人民币汇率走势 20 图 4-12019 年香港离岸人民币拆借利率走势（1）
5、23 图 4-22019 年香港离岸人民币拆借利率走势（2） 24 图 4-3香港离岸人民币兑美元汇率走势 25 图 4-4香港地区人民币存款情况 25 图 5-1境外工商企业中打算提升人民币使用比例的企业占比 30 图 5-2汇率波动时使用人民币计价的境内工商企业比例 31 图 5-3当美元、欧元等国际货币流动性较为紧张时， 将人民币作为融资货币的境外受访工商企业占比 31 图 5-4境内外工商企业对人民币国际地位的预期 32 表 表 2-12019 年分地区人民币跨境收付情况 3 表 2-2非居民持有境内人民币金融资产情况 14 表 2-32019 年银行间外汇即期市场人民币对各币种交易量
6、 15 2020 年人民币国际化报告 6 CONTENTS PART ONE Executive Summary 55 PART TWO The International Use of the RMB in 2019 57 I. The Cross-border Use of the RMB 57 II. Current Account 61 III. Capital Account 65 IV. Domestic RMB in Foreign Exchange Trading 73 V. RMB-denominated Commodities 74 VI. RMB as an Intern
7、ational Reserve Currency 76 VII. Cross-border Circulation of RMB Banknotes 76 VIII. Cross-border Interbank Payment System 76 IX. RMB Interest Rates and Exchange Rates 78 X. Central Banks Cooperation 80 PART THREE Policies and Relevant Reforms 82 I. Optimization of Policies on the Cross-border RMB Bu
8、siness 82 II. Promotion of the Two-way Opening up of the Capital Market 84 III. The RMB Exchange Rate Formation Regime 84 PART FOUR Development of the Offshore RMB Market 86 I. Offshore RMB Interest Rate and Exchange Rate 86 II. Offshore RMB Deposits and Loans 89 III. Offshore RMB Securities Financi
9、ng 89 IV. Global RMB Foreign Exchange Trading 90 V. Offshore RMB Clearing Business 92 7 PART FIVE Prospect 94 I. The Payment Function Continuously Enhanced 94 II. The Investment and Financing Function Constantly Deepened 95 III. The Reserve Function Further Highlighted 95 IV. The Denomination Functi
10、on to Develop Better 95 V. The Bilateral Monetary Cooperation to Proceed Steadily 95 PART SIX Highlights of RMB Internationalization 100 Afterword 131 Boxs Box 1 The Use of the RMB in Neighboring Countries and the Countries along the B secondly, the portfolio investment grew substantially which had
11、become the main force to promote the cross-border use of the RMB; thirdly, the policies of the RMB cross-border payment improved constantly and a series of high-level pilot programs were launched successively to facilitate the trade and investment; fourthly, the infrastructure of the cross-border us
12、e of the RMB was further improved and the RMB clearing banks continued to expand, with the RMB Cross-border Interbank Payment System (CIPS) the RMB ranked 5 th as a payment currency globally, with a market share of 1.76%. 2020 RMB INTERNATIONALIZATION REPORT 56 becoming the main channel of the cross
13、-border RMB clearing and settlement; finally, the bilateral currency cooperation deepened continuously, with the barriers on the use of the RMB abroad gradually removed. PART TWOThe International Use of the RMB in 2019 57 PART TWO The International Use of the RMB in 2019 I n 2019, the economic and f
14、inancial situations at home and abroad were complicated and volatile. Capital outflow was under pressure and the RMB exchange rate fluctuated in both directions. Under this backdrop, the RMB cross-border settlement maintained a relatively rapid growth, with the share of the cross-border RMB settleme
15、nt in total cross-border settlement reaching a record high. The cross-border receipts and payments were basically balanced with a small net inflow. The main features of the international use of the RMB in 2019 were as follows. Firstly, the amount of current account settlement climbed yoy, the settle
16、ment in goods trade demonstrated net inflows in contrast to net outflows last year, and the settlement of the service trade increased significantly, while the net outflows of the service trade and proceeds remittance increased. Secondly, the opening-up of financial markets was comprehensive. The sha
17、re of capital account settlement in the total cross-border RMB transactions continued to increase, among which the portfolio investments increased significantly, and the investments channeled to Chinas Interbank Bond Market (CIBM) gained the highest net inflow. Thirdly, the flexibility of the RMB ex
18、change rate was strengthened significantly. Based on the market supply and demand, the exchange rate of the RMB experienced both depreciation and appreciation, floating in both directions, and kept basically stable at a reasonable and equilibrium level. I. The Cross-border Use of the RMB Remarkably
19、in 2019, the cross-border RMB settlement amounted to RMB 19.67 trillion yuan, increasing by 24.1% on a yearly basis. The total receipts reached RMB 10.02 trillion yuan, with a notable increase of 25.1% yoy while the total payments were RMB 9.65 trillion yuan, growing by 23% on a yearly basis. Furthe
20、rmore, with a receipt to payment ratio of 1 0.96, the cross-border RMB settlement demonstrated a net inflow of RMB 360.6 billion yuan in contrast with a net inflow of RMB 154.4 billion yuan in 2018. The cross-border RMB settlement accounted for 38.1% of the total cross- border settlement, recording
21、a new height in history during the same period, with 5.5 2020 RMB INTERNATIONALIZATION REPORT 58 percentage points higher than that of the last year. Figure 2-1 The Monthly RMB Settlement during 2018-2019 Source: Peoples Bank of China (PBC). Figure 2-2 The RMB Cross-border Receipts and Payments duri
22、ng 2010-2019 Source: PBC. In 2019, Shanghai, Beijing and Shenzhen ranked the top 3 in terms of the annual cross- border RMB settlement volume, with a share of 50.1%, 14.3% and 8.6% correspondingly. Nationwide 7 regions enjoyed a cross-border RMB settlement volume over RMB 200 billion yuan. Meanwhile
23、, the 8 border provinces (autonomous regions included) reached PART TWOThe International Use of the RMB in 2019 59 an aggregate amount of RMB 483.3 billion yuan, up 2.5% yoy. Table 2-1 The Cross-border RMB Settlement by Province in 2019 Unit: billion yuan RankingRegion Current account Capital and fi
24、nancial account TotalShare (%) 1Shanghai1353.228504.459857.6750.1% 2Beijing701.092113.222814.3114.3% 3Shenzhen915.96769.551685.518.6% 4Guangdong967.27609.161576.438.0% 5Jiangsu463.38270.39733.773.7% 6Zhejiang405.19280.48685.673.5% 7Shandong143.76135.75279.521.4% 8Others1087.58949.772037.3410.4% 9Tot
25、al6037.4513632.7719670.22100.0% Source: PBC. In 2019, the proportion of the cross-border RMB settlement with Hong Kong SAR of China was 44.9%, followed by Singapore(10.3%), Germany(3.4%), and Taiwan province of China(3.3%). Among them, the shares of Hong Kong SAR of China, Singapore, Macao SAR of Ch
26、ina, the UK, Netherlands and Ireland witnessed an increase compared with 2018. Figure 2-3 Distribution of the Cross-border RMB Receipts and Payments by Country and Region in 2019 Source: PBC. 2020 RMB INTERNATIONALIZATION REPORT 60 In 2019, between China and the countries along the Belt and Road (B
27、the direct investment amounted to RMB 351.2 billion yuan, increasing 24% on a yearly basis. Furthermore, the total cross-border RMB payments and receipts between China and the countries along the B the scale of Chinas stock market has reached RMB 59.3 trillion yuan, 2020 RMB INTERNATIONALIZATION REP
28、ORT 72 of which the holdings by foreign entities were RMB 2.1 trillion yuan, increasing 82% yoy. The inclusion of A-shares and RMB bond by main international financial indexes fully embodied the confidence of the international investors in the long-term sound development of Chinas economy, as well a
29、s the recognition of the effectiveness of the opening up of Chinas financial market, which will better promote the win-win cooperation of international investors and China. The PBC will continue to optimize the fundamental system of Chinese financial market and provide a more friendly and convenient
30、 investment environment for international investors. 5. Other Investments In 2019, the total cross-border settlement amount under other investments such as the cross-border financing and project loans reached RMB 1.3 trillion yuan, decreasing 23.5% yoy, with a net inflow of RMB 214.6 billion yuan, i
31、ncreasing 106.3% yoy. Box 5 The Domestic RMB Financial Assets Held by Foreign Entities By the end of 2019, the amount of the financial assets including domestic RMB stocks, bonds, loans, and deposits held by foreign entities has reached RMB 6.41 trillion yuan, increasing 30.3% yoy. Among them, the m
32、arket capitalization of stocks was RMB 2.1 trillion yuan, the balance of the bond custody was RMB 2.26 trillion yuan, the balance of deposits was RMB 1.21 trillion yuan (including deposits from interbank accounts), and the balance of loan was RMB 833.2 billion yuan. Stocks and bonds in the domestic
33、financial market have become the prominent options of RMB assets allocated by overseas inverstors. By the end of 2019, the scale of the domestic RMB stocks and bonds held by foreign inverstors has increased significantly by 48.6% yoy, among which the amount of the bond custody accounted for 2.3% of
34、the total in the CIBM, and the market value of the stocks accounted for 3.6% of the total outstanding market value of the A-shares. In 2019, stocks comprised 66.6% of the domestic RMB assets increment held by foreign entities. PART TWOThe International Use of the RMB in 2019 73 Table 2-2 Domestic RM
35、B Financial Assets Held by Non-residents Unit: billion yuan InstrumentsDec. 2018Mar. 2019Jun. 2019Sep. 2019Dec. 2019 Stocks1,151.741,683.891,647.301,768.552,101.88 Bonds1,785.361,818.762,013.982,184.082,262.93 Loans 924.65 853.47 834.01 818.07 833.16 Deposits1,059.161,117.571,111.281,093.451,214.87
36、Total4,920.905,473.695,606.585,864.156,412.84 Source: PBC. IV. Domestic RMB in Foreign Exchange Trading By the end of 2019, the interbank foreign exchange market in China continued to enrich its trading entities, with a total of 711 RMB foreign exchange spot trading members, 245, 239, 197 and 146 fo
37、rward, foreign exchange swap, currency swap and option trading members respectively, 30 RMB foreign exchange spot market makers and 27 market makers in the forward swap market. Chinas domestic interbank foreign exchange market operated smoothly, and product structure was further improved, with annua
38、l RMB foreign exchange turnover equivalent of USD 25.0 trillion, up 0.7% yoy, and an average daily turnover of USD 102.5 billion. Among them, RMB foreign exchange spot transactions amounted to equivalent of USD 7.9 trillion, up 4.0% yoy; RMB foreign exchange market swap transactions amounted to equi
39、valent of USD 16.4 trillion, down 0.5% yoy, with overnight dollar swaps trading equivalent of USD 9.5 trillion, accounting for 57.9% of total swaps turnover; USD 51.2 billion in currency swaps, down 22.2% yoy; equivalent of USD 76.0 billion in forward transactions, down 13.2% yoy; trading volume of
40、RMB options amounted to USD 581.2 billion, down 4.9% yoy. In 2019, RMB transactions against non-USD foreign currencies developed steadily, with spot transactions amounting to RMB 2.3 trillion yuan. The share of spot trading in the interbank foreign exchange market was 4.2%, up 1% compared with last
41、year. 2020 RMB INTERNATIONALIZATION REPORT 74 Table 2-3 The Trading Volume of the RMB against Currencies in the Interbank Foreign Exchange Spot Market in 2019 Unit: billion yuan CurrencyUSDEURJPYHKDGBPAUDNZD Trading Volume 52,515.7061,363.807354.957191.97777.67865.87314.004 CurrencySGDCHFCADMYRRUBZA
42、RKRW Trading Volume 133.2047.32829.0322.64013.4130.06111.474 CurrencyAEDSARHUFPLNDKKSEKNOK Trading Volume 1.0882.6420.0660.0791.4803.6530.903 CurrencyTRLMXNTHB KZT (regional trade) KHR (regional trade) MNT (regional trade) Trading Volume 0.1280.07228.2260.00600.001 Source: China Foreign Exchange Tra
43、de System (CFETS). V. RMB-denominated Commodities On August 12, 2019, TSR20 futures were listed on the Shanghai Futures Exchange International Energy Trading Center as specific instrument trading futures. The TSR20 futures trading follows the rule of “international platform, net price trading, bonde
44、d delivery and RMB denomination”, overseas traders were warmly welcomed. The access for overseas traders was consistent with that of crude oil futures. Natural rubber is an important strategic material, among which, TSR20 is of the most representative species, an important basic raw material for the
45、 tire industry. China is not only the largest tire manufacturer in the world, but also the largest consumer and importer of TSR20 in the world. The listing of TSR20 and the introduction of overseas traders will help implement the national “Belt and Road” initiative and enhance Chinas influence on gl
46、obal natural rubber pricing, which is conducive to steadily advancing the internationalization of the RMB. So far, China has listed four specific varieties of crude oil, iron ore, PTA and TSR20 futures. Overseas traders who invest in specific varieties of futures in China can use RMB or USD as margi
47、n. Until May 15, 2020, foreign traders have totally remitted inward equivalent of 3.713 billion yuan as margin and outward equivalent of 3.809 billion yuan, accounting for 70.87% and 82.59% of the total respectively. PART TWOThe International Use of the RMB in 2019 75 Box 6 RMB-denominated Settlemen
48、t of Iron Ore Trading In recent years, China has been the worlds largest importer and consumer of iron ore trading, with iron ore imports and consumption respectively taking up 70% and 50% of the global total, but has little saying on pricing. Similar to crude oil, iron ore is mainly subject to long
49、-term agreements, supplemented by a small number of spot transactions. The current pricing benchmark is primarily the Plattsa Index (hereinafter referred to as “Platts”). The Platts is an inquiry index denominated in US dollars. Due to its own mechanism defects, the Platts tends to rise other than to fall, which squeezes the profit of domestic steel mills and is unfavorable to the development of the domestic steel industry.
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