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人民币在跨境支付中的使用：区域模式以及掉期额度和离岸清算银行的作用（英）

金融2023-03-01IMF劣***

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Renminbi Usage in Cross-Border Payments: Key Findings

Introduction

The usage of the Renminbi (RMB) as an international payment currency has grown significantly, reflecting China's economic and trade expansion. Despite being the second largest economy globally, China's financial integration remains limited, with RMB accounting for 2% of total cross-border transactions worldwide.

Regional Patterns of RMB Cross-Border Payments

Global Perspective: RMB usage in cross-border payments is still minor, but there are notable regional variations.
Geographical Distribution: In 2021, the geographical distribution of RMB payments showed uneven adoption across regions.
Evolution Over Time: There has been a marked increase in RMB usage, particularly in trade-related payments.

Regional Policies Facilitating RMB Internationalization

Bilateral Swap Lines: These agreements between the People's Bank of China (PBOC) and other central banks provide liquidity support for RMB transactions.
Offshore Clearing Banks: These banks facilitate RMB clearing outside China, addressing liquidity constraints.

Empirical Study

Methodology: The study uses country-level transaction data from Swift (2010-2021) to analyze the dynamics of RMB usage.
Key Findings: Differences in RMB usage across regions are influenced by factors such as geographic and political distances, and trade linkages with China.
Policy Impact: PBOC's policy measures, including swap lines and offshore clearing banks, have significantly impacted RMB liquidity in offshore markets.

Conclusion

The increasing importance of RMB within the international monetary system is attributed to growing economic interconnectivity and supportive policy measures. Further liberalization of the capital account and continued financial reforms are expected to enhance RMB's role in global payments and reserves.

Contribution

This work contributes to a deeper understanding of the mechanisms driving RMB internationalization and its implications for global financial stability and monetary policy.

RenminbiUsageinCross-BorderPayments:RegionalPatternsandtheRoleofSwapLinesandOffshoreClearingBanks HectorPerez-SaizandLongmeiZhang WP/23/77 IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate. TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement. 2023 MAR ©2023InternationalMonetaryFundWP/23/77 IMFWorkingPaper Strategy,Policy,andReviewDepartment RenminbiUsageinCross-BorderPayments:RegionalPatternsandtheRoleofSwapsLinesandOffshoreClearingBanks PreparedbyHectorPerez-SaizandLongmeiZhang* AuthorizedfordistributionbyMartinČihák March2023 IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement. ABSTRACT:ThepaperexaminestheusageoftheRenminbi(RMB)asaninternationalpaymentcurrency.Globally,theuseofRMBremainssmall,accountingfor2percentoftotalcross-bordertransactions.Usingcountry-leveltransactiondatafromSwift**for2010–21,wefindsignificantregionalvariationsintheuseofRMBforcross-borderpayments.WhileRMBislittleusedinsomeregions,ithasgainedtractioninothers,andthesecross-countrydifferenceshavewidenedovertheyears.Suchdifferencescanbepartlyexplainedbyaneconomy’sgeographicdistance,politicaldistance,andtradelinkageswithChina.However,italsoreflectstheimpactofpolicymeasuresbythePeople’sBankofChina,includingestablishingbilateralswaplinesandoffshoreclearingbanks.BothpolicymeasureshelpedtoaddressoffshoreRMBliquidityshortagesgivenChina’soverallcapitalaccountrestrictions,withtheoffshoreclearingbankshavingaquantitativelylargerimpact.OuranalysiscontributestoabetterunderstandingofthegrowingimportanceofRMBwithintheinternationalmonetarysystem. RECOMMENDEDCITATION:Perez-SaizandZhang(2023) JELClassificationNumbers: E42;F33 Keywords: RMBinternationalization;Swift;Swaplines;OffshoreClearingBanks Authors’E-MailAddresses: HPerez-Saiz@imf.org;LZhang2@imf.org *TheauthorswouldliketothankRoshanIyerforoutstandingresearchassistance,andHelgeBerge,MartinČihák,DongHe,Astrid Thorsen,andFabiánValenciaforveryhelpfulcomments. **DatarelatingtoSwiftmessagingflowsispublishedwithpermissionofS.W.I.F.T.SCRLSWIFT©2023undera‘BIPartnership’framework.Becausefinancialinstitutionshavemultiplemeanstoexchangeinformationabouttheirfinancialtransactions,Swiftstatisticsdonotrepresentcompletemarketorindustrystatistics.Swiftdisclaimsallliabilityforanydecisionbased,infullorinpart,onSwiftstatistics,andfortheirconsequences. WORKINGPAPERS RenminbiUsageinCross-BorderPayments:RegionalPatternsandtheRoleofSwapLinesandOffshoreClearingBanks PreparedbyHectorPerez-SaizandLongmeiZhang1 1Theauthor(s)wouldliketothankRoshanIyerforoutstandingresearchassistance,andHelgeBerge,MartinČihák,DongHe,AstridThorsen,andFabiánValenciaforveryhelpfulcomments. Contents Introduction3 RegionalPatternsofRMBCross-BorderPayments7 RegionalPoliciesthatFacilitateRMBInternationalization9 BilateralSwapLines9 OffshoreClearingBanks11 EmpiricalStudy13 Conclusion16 AnnexI.DataSources17 AnnexII.ListofSwapLines18 References19 FIGURES 1.China’sRapidIntegrationvs.LimitedFinancialIntegration3 2.CapitalAccountOpennessbyIncomeLevel4 3.EvolutionofRMBCross-BorderPayments7 4.GeographicalDistributionofRMBPayments(2021)8 6.OutstandingBilateralSwapLines(2021)10 7.ExampleofFunctioningofCentralBankBilateralSwapLine11 8.RMBOffshoreClearingBanks12 TABLES 1.RolesofanInternationalCurrency5 2.RegressionsResultsforTransfers(MessagesMT103andMT202)15 3.RegressionsResultsforTrade-relatedPayments(MessagesMT400andMT700)16 Introduction Overthepastfourdecades,rapideconomicgrowthhastransformedChinafromoneofthepoorestcountriesintheworldtothesecondlargesteconomythataccountsforone-thirdofglobalgrowth(IMF,2018).TheWTOentryin2001hasspurredChina’srapidtradeintegrationandreshapedglobalsupplychains.However,despiteitseconomicsuccessandclosetradetieswiththerestoftheworld,China’sfinancialintegrationismuchmorelimited.Itsinternationalassetsandliabilitiesconstituteonlyfourpercentoftheworldexternalassetsandliabilities,comparedto13percentinglobaltrade1.Inthiscontext,theinternationaluseofChina’scurrencyRMBisalsominimal,accountingfortwopercentofallglobalcross-borderpayments2and3percentofcentralbankreserveassets3(Figure1). Figure1.China’sRapidIntegrationvs.LimitedFinancialIntegration China'sslowfinancialintegrationislargelytheresultoftheChinesegovernment'sdecisiontomaintainaclosedcapitalaccount.SincethefalloftheBrettonWoodssystemin1973,manycountrieshaveswitchedtowardflexibleexchangeratesandopencapitalaccounts,resultinginanincreaseinthesizeandvolatilityofcross-borderfinancialflows.Today,mostadvancedeconomieshavefullyliberalizedtheircapitalaccounts,whileemergingmarketsandlow-incomecountrieshaveretainedcertainrestrictionsnotwithstandingpartialliberalization.Incomparison,Chinahasmaintainedstrongcapitalaccountlimitsfordecades,withamuchtightercontrolo

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