Renminbi (RMB)/Yuan Appreciation & Internationalization

qrex said:

I remember you saying it was around 650B-700B a day for 2024, that seems roughly stagnant for 2025 then? Also that graph is weird the 764B in March is lower then the 678B in Aug?

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qrex said:

Not withstanding the current massive jump in March from recent events it seems 2025 was a much slower year for growth of CIPS compared to past years, only from 175T to 180 in annual growth volume. @tphuang Any idea as to why? I remember you saying it was growing much faster. Nonetheless i hope with recent events growth will take off this year

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China’s

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(CIPS) recently saw its single-day transaction value reach a record high of 1.22 trillion yuan (US$178.5 billion), with nearly 42,000 transactions processed, according to the state-owned Shanghai Securities News on Thursday. The surge follows strong momentum in March, when the system’s average daily transaction value climbed to 920.45 billion yuan – the highest level in a year and a nearly 50 per cent rise from February’s 619.74 billion yuan. Average daily transaction volume also rose to 35,740, up sharply from 25,930 in February.

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The decision by Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, to sell 3 billion yuan (US$440 million) in China’s interbank market comes as global investors are looking for safe havens amid geopolitical uncertainties such as the Iran war.The three-year bond was priced at a “record-low” annual yield of 2.18 per cent, the fund said in a news release issued on Monday, noting that reflected the high level of confidence among Chinese institutional investors.

Samruk-Kazyna, which managed an estimated US$88 billion in assets at the end of last year, is Kazakhstan’s largest state-owned asset management institution. “This is an important step in our integration into global capital markets – our first entry into China’s domestic market,” the fund’s chairman, Nurlan Zhakupov, said at the listing ceremony at the Astana International Exchange. He said the issuance “marked an important milestone in strengthening the strategic partnership between Kazakhstan and China”.

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tphuang said:

https://twitter.com/i/web/status/2044731573048680449

I'm writing up a thread of RMB internationalization on PetroYuan. Some official data coming out now. 45% of crude oil out of Saudi Arabia traded in RMB.

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vincent said:

Can’t find an authoritative source for this claim

Google seach “site:safe.gov.cn 石油” with limit of the most recent month return nothing about Guld crude oil payments.

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据《财富》杂志4月8日的文章，截至3月底，中东地区对华原油贸易的人民币结算占比已历史性突破41%，人民币首次成为中东石油贸易中仅次于美元的第二大结算货币。

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1. 结构性转变：从个案到体系

这一变化并非孤立事件，而是系统性的货币重构：

• 伊朗：实现100%人民币结算（受美国制裁倒逼）
• 沙特：3个月内从15%飙升至45%（战略转向信号）
• 伊拉克：2月底允许人民币结算后，一个月内占比突破60%（效率驱动）

中国海关总署数据显示，中国作为全球最大石油进口国，占中东石油出口总量的25%-30%。这种买方市场地位赋予中国独特的定价权优势。

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tphuang said:

this is widely reported on WeChat sources.

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so that's the original source I guess

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rough breakdown. Iran 100% RMB, Saudi Arabia rose from 15 to 45%. Iraq reached 60%. So, looks like UAE is the main holdout.

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August 7, 2024
Baghdad (IraqiNews.com) – Member of the parliamentary finance committee, Moeen Al-Kadhimi, revealed that Iraq has chosen to discontinue using the Chinese yuan in financial transactions.

Al-Kadhimi told Al-Forat News that the decision was made due to worries about potential manipulation and other difficulties with certain transfers.

Iraq has been ordered by the US Federal Reserve to stop trading in Chinese yuan, citing discrepancies and specific issues with transactions, according to Al-Kadhimi.

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