The Chinese government report unveiled during this year's two sessions outlined new priorities to stabilize foreign trade. Among them, expanding the cross-border use of the RMB has drawn the most attention.

Given uncertainties in the Middle East, rising raw material costs, and tariff volatility, the foreign trade landscape remains complex. Heightened geopolitical tensions have further underscored the RMB's safe-haven appeal, making it imperative to expand its cross-border use.

Chen Siqing, a member of the CPPCC National Committee from the financial sector, proposed several measures, including promoting RMB settlement for more imports; encouraging multinationals to use RMB in cross-border cash pooling; increasing the presence of Chinese financial institutions in key markets such as Latin America, Africa, the Middle East, and Central Asia; and exploring the establishment of a regional RMB clearing alliance.

Gu Wei, Vice President of JPMorgan Chase Bank (China), noted that as more Chinese companies expand overseas, they are facilitating broader circulation of the RMB and laying a solid foundation for a global RMB payment and clearing network. Lu Jing, President of Standard Chartered Bank (China), added that RMB internationalization is entering a new phase, with both the expansion of usage scenarios and the enhancement of financial functions set to advance further during the 15th Five-Year Plan period.