Deutsche Bank: RMB Cross-Border Payments to Increase 15% in 2023

SHANGHAI, Apr 25 - Liu Linan, head of macro strategy for Greater China at Deutsche Bank, pointed out in a January research report that with the wide application of RMB in trade settlement and the access to China's financial market, the degree of liberalisation of China's financial market access has increased, and the economic and trade cooperation with countries along the Belt and Road and RCEP partner countries has deepened.

In this scenario, the internationalisation of the RMB will be steadily promoted in the next few years.

It is estimated that the RMB cross-border payment scale will increase by 15% in 2023. In the next five years, the RMB settlement volume is expected to increase by an average of 10-15% per year.