the promotion of opening-up of the financial industry through rmb...
title:the promotion of opening-up of the financial industry through rmb internationalization
since the launch of the pilot scheme of rmb settlement in cross-border trade in 2009，the internationalization of rmb has been enhanced for more than ten years. the rmb business has achieved substantial development from the real demand by corporates to institutional investment，from current account to capital account，from pilot projects in selected areas to global outreach. the 20th national congress of the communist party of china shared the strategic goal of "promoting the rmb internationalization in an orderly way". the increasing use of cross-border and offshore rmb，along with capital accounts becoming increasingly convertible，is expected to usher in a new round of development，which will effectively promote the opening up of our country's financial industry and form a new pattern，and inject stronger impetus into economic recovery and sustainable development after the pandemic.
improving and upgrading rmb internationalization
rmb has become an important international currency，as it moves from domestic market to international platform，and is widely used in cross-border fields and offshore markets. this is the inevitable outcome of which china’s reform and opening up has reached to a certain stage，and the overall national strength has accumulated to a certain extent，and the foreign economic and trade has increased to a certain level. however，the internationalization of rmb was not widely accepted by the offshore market from the beginning. it has experienced various challenges，especially during the periods of global financial crises in the old days. in recent years，the global rmb business has gradually recovered，and the pace has been accelerated as well，which has brought the internationalization of rmb to a higher level.
