On May 31, the Macro-Finance Salon (No.208), jointly organized by the International Monetary Institute (IMI) at Renmin University of China (RUC) and the Department of Monetary and Finance at the School of Finance was successfully held online. The salon focused on the theme of “Background, Path and Outlook of Yuan overtaking Dollar in China’s Cross-Border Transactions for the First Time.” Wang Bin, Research Director of the Center of Investment Banking, Industrial and Commercial Bank of China (ICBC), delivered a keynote speech. Fellow participants of the salon included E Zhihuan, Chief Economist of Bank of China (Hong Kong)； Qu Fengjie, Researcher of the Academy of Macroeconomic Research, National Development and Reform Commission (NDRC) and Gao Haihong, Director of Research Centre for International Finance, Institute of World Economics and Politics (IWEP), Chinese Academy of Social Sciences (CASS). The salon was moderated by He Qing, professor of the School of Finance, RUC.

The attending guests engaged in extensive discussions on various topics, such as the main categories and reasons for the increase in RMB cross-border transaction settlements, RMB’s cross-border transactions in commodities, RMB’s potentials and energy transition, geopolitics and currency competition, international balance of payments and RMB exchange rate. Furthermore, the discussions provided valuable insights into the reasons behind the significant increase in the degree of RMB internationalization, its market foundations, regulatory development as well as the future paths and key factors.

Translated by Zhang Yao