Pan Gongsheng: RMB's Share in International Payments is About 6%-7%, Ranking Third Globally

At the 2026 Financial Street Forum Annual Meeting, Pan Gongsheng, Governor of the People's Bank of China, stated that the RMB accounts for approximately 3%-4% of international payments, ranking fifth globally. If the amounts settled through CIPS and internal bank systems are included, the share is roughly between 6%-7%, firmly securing the third position worldwide. Pan emphasized that the RMB has become the largest settlement currency for China's foreign exchange and the second largest trade financing currency globally. The central bank will study the implementation of multi-tier custody arrangements in the opening of the bond market, promote RMB bonds as globally eligible collateral, and support the offshore RMB market framework, primarily based in Hong Kong, with collaborative development in London, Singapore, and Dubai, to provide stable and multi-tiered RMB liquidity supply for the offshore market.

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