Standard Chartered CEO Highlights Rising Global Use of RMB in Trade Settlements

The Renminbi (RMB) is poised to play an increasingly significant role in global trade settlements, according to Bill Winters, Group Chief Executive of Standard Chartered PLC. In a recent interview with CGTN’s Michael Wang, Winters emphasized the growing adoption of the Chinese currency by countries worldwide as they engage in trade with China.

“RMB will continue to be increasingly used as a currency for settling trade,” Winters stated, highlighting a trend where nations are choosing to accumulate or borrow RMB to facilitate their transactions with China’s expansive market. He pointed out that this shift reflects the broader internationalization of the RMB and China’s pivotal role in global commerce.

Winters also called for further measures to ease the use of the RMB in international markets. “Further steps need to be taken to make it easier for people to use the currency,” he noted, suggesting that simplifying access and usability could enhance the RMB’s appeal as a global trade currency.

Standard Chartered, with its deep roots and extensive presence in Asia, supports the RMB’s growing international stature. The bank’s endorsement aligns with efforts to diversify global currency reserves and reduce dependency on traditional currencies.

The internationalization of the RMB could have significant implications for global investors, businesses, and economies, offering new opportunities for trade financing and investment in the Chinese mainland’s markets.

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