Pan Gongsheng: RMB's Share in Global International Payments Stands at Approximately 6%-7%, Firmly Ranking Third Worldwide

Pan Gongsheng, Governor of the People's Bank of China, stated at the 2026 Financial Street Forum Annual Conference on October 19 that according to SWIFT statistics, the RMB accounts for roughly 3%-4% of global international payments, ranking fifth globally. When settlement volumes processed via CIPS and banks' internal systems are included in the calculation, this share reaches approximately 6%-7%, placing the RMB steadily at the third position globally. Pan Gongsheng also noted that the RMB has become the top settlement currency for China's cross-border receipts and payments, and the world's second-largest trade finance currency. Going forward, the central bank will study the implementation of multi-tiered custody arrangements in the opening-up of the bond market, promote RMB-denominated bonds to be recognized as global eligible collateral, support the development of an offshore RMB market framework centered on Hong Kong with coordinated development across London, Singapore and Dubai, and provide stable, multi-tiered RMB liquidity supply to the offshore market.

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