Chinese banks have seen robust growth in the processing of cross-border renminbi payments for clients since the start of 2022, according to the latest data from the People’s Bank of China (PBOC).
During the period from January to August, Chinese banks processed 27.8 trillion yuan in cross-border renminbi payments on behalf of clients, for year-on-year growth of 15.2%, according to data from PBOC’s website on renminbi internationalisation.
Cross-border renminbi payments accounted for 49.4% of all domestic and foreign currency cross-border payments processed by Chinese banks for clients over the period.
In 2021, Chinese banks processed a total of 36.6 trillion yuan in cross-border renminbi payments on behalf of clients, for YoY growth of 29%. accounting for 47.4% of all domestic and foreign currency cross-border payments processed.
