Countries along the "Belt and Road": RMB settlement increased

According to RIA Novosti, in 2021, the amount of RMB cross-border receipts and payments between China and countries along the "Belt and Road" will be 5.42 trillion yuan, up 19.6% year on year.

By the end of 2021, China has signed bilateral local currency swap agreements with 22 countries along the "Belt and Road" and established RMB clearing mechanism arrangements in 8 countries along the "Belt and Road". At present, more than 80 overseas central banks or monetary authorities have incorporated RMB into foreign exchange reserves.

The Malaysian China General Chamber of Commerce recently expressed its hope that Malaysian enterprises would make good use of the Malaysia China bilateral currency swap agreement and settle in RMB to reduce transaction costs, and called for further improvement of the Malaysia China bilateral currency swap line in the future to promote regional financial stability.

In addition, according to today's Russian TV website, Pakistan Trade Association said recently that Pakistan is considering the possibility of trade settlement with Russia in rubles and RMB.

It is expected that foreign traders can bypass the fluctuation of exchange rate as soon as possible.