The RMB is legal tender in mainland China.
All banks in mainland China support RMB.
The RMB in Hong Kong and Macau is not legal tender in Hong Kong, China and Macau, China.
They have Hong Kong dollars and Macau Pataca issued at their own discretion in accordance with the Basic Law.
However, some shops in Hong Kong and Macao accept RMB transactions, and some banks in Hong Kong also open RMB windows, allowing citizens to deposit, withdraw or transfer RMB cash.
On December 24, 2003, the People's Bank of China appointed Bank of China (Hong Kong) Limited as the clearing bank for RMB business in Hong Kong.
In Taiwan, general merchants in Taiwan, China, do not accept the use of RMB.
Taiwanese law also only considers RMB to be a "negotiable security" and does not have currency status.
Banks in Taiwan generally do not accept RMB exchange, but financial institutions, docks and airports in Matsu and Kinmen opened RMB exchange on October 3 and October 4, 2005 respectively, with a maximum limit of RMB 20,000 each time.
Starting from July 4, 2008, with the implementation of the "Three Links" such as the "weekend charter flight" between mainland China and Taiwan, it can be freely exchanged at financial institutions, terminals and airports on the island of Taiwan, but there are certain limits.
Singapore's RMB clearing business in other parts of Asia is settled in Singapore. The industry generally believes that the scale of RMB deposits absorbed by Singapore is second only to mainland China and Hong Kong.
Some analysts pointed out that a large amount of international trade is settled in U.S. dollars. During the financial crisis, the shortage of U.S. dollars increased the cost of U.S. dollar trade financing, while RMB provides a new option for trade settlement between China and other countries.
South Korea On July 2, 2014, the South Korean Presidential Office announced that China and South Korea would sign a Korean won/renminbi direct trading agreement at this week’s summit.
A direct currency trading agreement will be signed between China and South Korea. With the goal of reducing dependence on the U.S. dollar, reducing exchange rate risks, and promoting the internationalization of bilateral currencies, the liquidity and activity of the RMB in the international market are expected to further increase, and investment and use channels are also expected to
widen.
Since the establishment of diplomatic relations between China and South Korea 22 years ago, relations between the two countries have developed comprehensively and rapidly. The two sides have established a strategic partnership and become important partners in many fields.
In 2013, the trade volume between China and South Korea reached US$274.2 billion.
South Korean media, financial research institutions, and the business community have a positive attitude toward direct currency transactions between China and South Korea.
The RMB is widely used in Mongolia.
RMB can be used freely in North Korean foreign exchange shops.
RMB can be used in a few areas of Vietnam, mainly on the northern border.
RMB can be used in some stores in Singapore.
RMB can be used in Kokang and Wa areas of Myanmar.
RMB can be used in areas bordering the Russian-Chinese border.
Africa In January 2010, the first cross-border trade settled in RMB occurred between China and South Africa.
According to data from the Society for Worldwide Interbank Financial Telecommunication, as of January 2013, 18 countries used RMB for settlement in China-Africa trade, compared with only 5 in 2010.
Although the trade volume settled in RMB accounted for only 0.5% of China-Africa trade in 2012, a report by Standard Chartered Bank predicts that by 2015, the volume of China-Africa trade settled in RMB will reach 38.5 billion US dollars, accounting for 10% of the total trade between China and Africa.
10%.
The number of countries in Africa using offshore RMB is growing steadily.
In July 2015, the Zimbabwean government proposed using the Chinese currency RMB as Zimbabwe's legal tender.
Europe UK On March 31, 2014, the Bank of England and the People's Bank of China signed a memorandum of cooperation in London to establish a RMB clearing arrangement in London.
This will help banks and other institutions use the yuan in international transactions, promoting global trade and investment.
The establishment of the London RMB clearing arrangement will help Chinese and British enterprises and financial institutions use RMB for cross-border transactions, further promoting the liberalization and facilitation of trade and investment.
The two countries will determine a clearing bank for RMB business in London.
In France and Luxembourg in June 2014, "Europe" was the well-deserved keyword for the internationalization of the RMB.
The central bank first authorized China Construction Bank and Bank of China to act as RMB clearing banks in London and Frankfurt respectively. Then it announced on the 29th that it had signed RMB clearing arrangements with the Bank of France and the Central Bank of Luxembourg respectively to establish RMB clearing arrangements in Paris and Luxembourg.
memorandum of cooperation.
London and Frankfurt have joined Hong Kong, Macau, Taiwan, Singapore and Malaysia in China and have officially become cities for conducting RMB clearing business, while progress in France and Luxembourg is also around the corner.
The development of RMB internationalization is inseparable from the overseas RMB deposit base.
Deutsche Bank expects the offshore RMB deposit base to reach RMB 2.5 trillion by the end of 2014.