On Nov 12, 2024, Bank of China released the Cross-border RMB Index (CRI) for the third quarter of 2024. The result showed that BOC's CRI stood at 370 for the third quarter.
During this period, the cross-border RMB use showed growth in two key areas:
The third-quarter CRI highlights the continued expansion of cross-border RMB use under the capital account. Cross-border RMB loans and financing presented rapid growth momentum, while cross-border securities investment and financing remained active. By the end of August, the balance of RMB loans provided by domestic financial institutions to overseas entities increased by 7.6 percent compared to the end of June, and by 48.4 percent compared to the same period last year. In the third quarter, RMB trade finance through SWIFT grew by 10.2 percent from the second quarter, with the share of RMB in global trade finance rising to 5.9 percent, up 0.7 percentage points from the second quarter.
The scale of cross-border RMB use continued to increase in key regions. The SWIFT message system showed that during the third quarter the RMB customer remittances in countries and regions involved in the Belt and Road Initiative grew by 4.2 percent quarter-on-quarter. For the Regional Comprehensive Economic Partnership members outside China, the figure rose 2.3 percent quarter-on-quarter, with ASEAN regions rising 3.8 percent quarter-on-quarter. Also, RMB customer remittances in Africa, the Middle East, and Central Asia increased by 9.3 percent, 33.3 percent, and 16.4 percent quarter-on-quarter, respectively.
Comprehensive Operating Companies
