Standard Chartered Report Says Cross-Border Renminbi Use Expands as CIPS Volume Rises 43%

Cross-border use of the renminbi was previously concentrated on settling trade payments between China and its trading partners, but it is gradually expanding into supply-chain finance, liquidity management and corporate treasury operations. Standard Chartered said the shift reflects companies' efforts to reduce foreign-exchange and payment frictions. It has also drawn greater attention to renminbi internationalization and cross-border payment infrastructure.

Standard Chartered's latest report showed that the Cross-Border Interbank Payment System, or CIPS, was connected to 124 markets worldwide when the report was published, with transaction volume up 43% from a year earlier. The report did not disclose the total transaction value or a precise statistical cutoff date, but said renminbi adoption continued to grow in trade settlement and supply-chain applications and was being integrated more rapidly into companies' routine treasury frameworks.