Zhu Min: Making the Yuan a Strong Currency is Crucial for Both China and the World

The China Development Forum 2026 Annual Conference will be held in Beijing from March 22 to 23. The theme of this year’s forum is “China in the 14th Five-Year Plan: High-Quality Development and Co-Creating New Opportunities.” Former IMF Vice President Zhu Min attended and delivered a speech.

Zhu Min pointed out that modern high-tech and technological development rely on financial innovation, with the key focus being to vigorously promote the internationalization of the Renminbi (RMB). He emphasized that it is especially urgent to discuss the development of RMB internationalization, its significance and importance for China’s high-quality development, and related policies. High-quality development in technology, manufacturing, services, green initiatives, and going global all depend on international support, which requires a strong RMB as a backing.

Zhu Min believes that RMB internationalization has made significant progress in recent years, with cross-border RMB financial transactions increasing from 20% to 63%, and RMB payments in trade rising from 10% to 35.4%. However, from a global perspective, the RMB’s share remains low, accounting for only 2.1% of global reserves and 1.6% of global trade payments, far below China’s share of the global economy and trade.

He emphasized that to continue strengthening China’s economy, a robust RMB is essential. Therefore, at this moment, further developing and strengthening the RMB and advancing its internationalization are particularly important. Zhu Min outlined several key areas: first, encouraging the use of RMB in Belt and Road and global South trade; second, supporting more RMB use in Chinese supply chain payments and cross-border financing; third, strengthening macro-system reforms, such as further opening up macroeconomic frameworks and improving capital management; fourth, building markets, including China’s bond markets, international bond markets, and RMB-denominated yield curve derivatives; fifth, improving payment systems, such as expanding the central bank’s CIPS payment system to make it cheaper, faster, and more efficient; sixth, increasing offshore RMB business in Hong Kong, creating offshore RMB liquidity pools, bond markets, money markets, and derivatives markets; seventh, fully utilizing eCNY digital RMB for cross-border payments to promote it as a powerful tool for international transactions.

Zhu Min stated that before RMB convertibility is fully realized, there is still considerable room for development. Developing the RMB is not only a necessity for China but also for the global economy. Currently, the US dollar’s dominance is waning, and international markets are increasing their reserves of gold and non-major currencies, indicating a decline in confidence in the dollar. Therefore, promoting a strong RMB is an intrinsic need for China’s economy and for the development and stability of international finance.

Zhu Min concluded by emphasizing that in today’s global and domestic economic environment, how to strengthen and grow the RMB and turn it into a strong currency is crucial for both China and the world.

Sina Statement: All conference transcripts are compiled from on-site stenography and have not been reviewed by the speakers. The publication of this article by Sina is for the purpose of conveying more information and does not imply endorsement of its views or verification of its content.

(Edited by: Song Zheng HN002)

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