Foreign
RMB internationalization inevitable trend as Chinese economy continues to grow
The internationalization index of the Chinese currency renminbi (RMB), or the yuan, hit a 5-1/2-year high, according to a recent Reuters report.
Citibank predicted that the RMB is likely to overtake the Japanese yen and British pound to become the third most-recognized global settlement currency by the year 2030.
In 2009, the People’s Bank of China (PBOC), China’s central bank, launched a pilot project to use the RMB in the settlement of cross-border trade, ushering in the internationalization of the currency.
Over more than a decade, the RMB has emerged as an important currency in cross-border trade, financial transactions, and official foreign exchange reserves, becoming increasingly market-oriented and internationally recognized. Meanwhile, the currency has also played a crucial role in facilitating trade and investment, promoting innovative development of the financial sector, as well as serving the real economy and other areas.
The RMB Internationalization Index (RII) had risen from 0.02 in the first quarter of 2010 to 5.02 in the fourth quarter of 2020, growing by more than 250 times in ten years, according to figures released by the International Monetary Institute (IMI) of Renmin University of China.
The RII, though still lower than the internationalization indexes of the U.S. dollar (51.27) and the euro (26.17), has surpassed those of the yen (4.91) and the pound (4.15) and ranked third among major currencies for three consecutive quarters.
It’s quite obvious that in recent years, although China’s capital account hasn’t been fully opened, the overall internationalization level of the RMB has been elevated constantly. The country has preliminarily blazed a path of currency internationalization with Chinese characteristics, which can be attributed to its achievements in the following aspects.
First, China has maintained the long-term “crisis-free growth” of its real economy, cornerstone of currency internationalization, providing a solid foundation for the internationalization of the RMB.
As the COVID-19 pandemic has plunged global economy into deep recession and made the external environment increasingly severe, China’s becoming the first country among the world’s major economies to realize positive economic growth has further increased global investors’ confidence in the RMB and RMB financial assets.
Second, China has always adhered to high-level opening-up, enabling the RMB to gradually perform more functions around the globe.
The size and share of the RMB in cross-border trade settlement have seen growth while maintaining stability. As to the use of the RMB in financial transactions, outbound direct investment (ODI) and foreign direct investment (FDI) using the RMB have grown steadily; the construction of the offshore RMB bond market has been advanced; the capital market has been opened up at a faster pace; the financial derivative market has made breakthroughs; and RMB financial assets have won favor with global investors.
With the entry of the RMB into the IMF’s Special Drawing Rights (SDR) basket, the amount of the RMB in global foreign exchange reserves increased from $90.78 billion in 2016 to $269.49 billion in 2020, recording growth in ten straight quarters. So far, the currency has been included into the foreign exchange reserves of 75 countries and regions.
Third, China has constantly improved the international cooperation and infrastructure for the use of the RMB. Bilateral currency swap agreements and clearing banks for RMB business have been continuously expanded to facilitate the use of the RMB overseas.
Free trade zones across the country have expanded pilot zones for cross-border RMB business, and the Guangdong-Hong Kong-Macao Greater Bay Area has enhanced connectivity among financial markets in an orderly manner, gradually promoting the cross-border use of the RMB.
Besides, the country has made significant achievements in the construction of the Cross-border Interbank Payment System (CIPS), which makes cross-border use of the RMB more convenient.
While the global economy is still faced with uncertainties, the RMB is showing strong stability as a result of the resilience of the Chinese economy, the stable value of the RMB, and the constantly deepened international cooperation.
China’s economic and social systems have been really resilient in the face of the sudden COVID-19 pandemic and increasingly grim external environment. The country has not only made major strategic achievements in the battle against the virus, but achieved remarkable results in promoting economic and social development amid routine COVID-19 prevention measures.
Despite the impacts of the pandemic, the country has achieved positive growth in its real economy and foreign trade and seen record-high use of foreign investment, creating a good economic environment for the internationalization of the RMB.
The COVID-19 pandemic has caused tremendous turbulence for global financial markets and a drastically rising panic in market players. As central banks of major countries and regions have implemented super-loose monetary policies and carried out unconventional countercyclical operations to mitigate the impacts of the pandemic, China’s monetary policy has been kept within a normal range, and the interest rate and exchange rate of the RMB have remained relatively firm.
Since 2008, the PBOC has signed bilateral currency swap agreements with the central banks or other monetary authorities of over 30 countries and regions, covering major developed economies and emerging economies as well as main offshore RMB markets.
Bilateral currency swap not only helps promote trade and investment and guarantee liquidity in the supply of the RMB, but can increase the RMB’s risk resistance capacity, give a positive signal about the RMB to the world, and firm up overseas investors’ confidence in the RMB.
By Song Ke, Deputy Director of the International Monetary Institute of Renmin University of China
Foreign
Understanding the history of World War II to build a peaceful future
By Zhu Chengshan
“Dead To Rights,” a film about the Nanjing Massacre during World War II, recently premiered in China to significant acclaim, sparking a surge of interest in domestically-produced war films this summer.
Historical truth transcends time, possessing both revelatory power and enduring impact. The film portrays 15-year-old Luo Jin, an apprentice at Nanjing’s Huadong Photo Studio, who uncovered harrowing evidence while developing photographs for Japanese officers during the city’s occupation. The images captured scenes of mass killings, rape, and other atrocities committed against Chinese civilians by Japanese aggressors.
At great personal risk, Luo secretly duplicated dozens of the images and compiled them into an album. These materials were later safeguarded by Wu Xuan, a patriotic student, ultimately serving as pivotal evidence at the trial of Hisao Tani, the principal perpetrator of the Nanjing Massacre.
The true history cannot be erased. No matter how relentlessly Japanese right-wing forces or historical revisionists attempt to rewrite the past, their efforts are ultimately futile.
Does that painful chapter of history still carry meaning in our time? The answer is unquestionably yes. Patriotic education remains a lasting theme.
Chinese President Xi Jinping pointed out that the responsibility for war crimes lies with a few militarists, but not the people. However, people cannot at any time forget the severe crimes committed by aggressors. The Nanjing Massacre, committed by Japanese aggressors, was an atrocious anti-human crime and a dark page in the history of humanity.
This blood-soaked memory serves as a solemn reminder: when a nation is poor and weak, its people become vulnerable to the gravest violations of fundamental rights. We must never forget these historical lessons nor allow such tragedies to recur.
History serves both as the best textbook and dose of sobriety. The Nanjing Massacre remains one of the darkest and most harrowing chapters in the Chinese People’s War of Resistance Against Japanese Aggression. This is a historical truth universally acknowledged by the international community.
Throughout the war, more than 35 million Chinese soldiers and civilians were killed or wounded. China suffered direct economic losses of over $100 billion and indirect losses exceeding $500 billion, calculated in terms of 1937 levels.
As China commemorates the 80th anniversary of the victory in the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War, we recognize this conflict as modern China’s longest and largest struggle against foreign aggression..Despite paying the heaviest national price, it culminated in the Chinese people’s first complete victory in their fight for liberation – a triumph that belonged not only to China but to all peace-loving people worldwide.
A truthful understanding of World War II history is fundamental to building lasting peace for the present and the future. China’s prolonged resistance tied down vast numbers of Japanese troops, shattering the scheme of Japan joining forces with fascist Germany and Italy to launch a two-front assault and dominate the world.
As the main Eastern battlefield of the anti-fascist war, China’s war of resistance made a critical contribution to its worldwide victory and the cause of justice and freedom for humanity. Franklin D. Roosevelt, then U.S. President, once commented that without China, or if China had been defeated, many more Japanese divisions would have been deployed to other areas.
Today’s world is undergoing profound changes unseen in a century, and these changes are accelerating. Hegemonism, power politics and Cold War mentalities alongside growing economic coercion is on the rise. In the face of these challenges, the Chinese people feel more deeply than ever the importance of patriotism, unity, and self-strengthening.
This makes it all the more vital to confidently share the great significance of the victory in the Chinese People’s War of Resistance Against Japanese Aggression, and to highlight the decisive role of the main Eastern battlefield in the global fight against fascism.
To promote enduring peace and stability across the world, we must engage with history in a spirit of sincerity and humility – drawing wisdom from its experiences, and learning from its lessons, so that the true history can guide the way forward for all humanity.
(Zhu Chengshan is a Professor at Changzhou University, former vice president of the Chinese Society for the History of the War of Resistance Against Japanese Aggression, and former curator of the Memorial Hall of the Victims in Nanjing Massacre by Japanese Invaders)
Foreign
Chinese products bring coolness to European consumers

By Li Gang, People’s Daily
With heat waves sweeping across Europe this summer, demand for Chinese-made air conditioners (AC) is rising, signaling a shift in the region which is long accustomed to getting through the season without cooling systems.
Customs data reveals China’s air conditioner exports to EU countries reached $3.76 billion during the first half of 2025, representing a 43.2% year-on-year increase and setting a new record for the period. This growth continues the robust export momentum established in 2024.
Air conditioning is not as widely used in Europe as in many other parts of the world, due to high rental rates, deeply rooted awareness of environmental protection, and the high cost of installation and operation. Drilling into walls is often banned in historic buildings, and landlords generally won’t approve outdoor AC units. Installation must be carried out by certified professionals, often costing several hundred euros, with regular maintenance required.
To cope with the situation, Chinese air conditioner brand Midea has rolled out a portable split-type air conditioner for the European market. Portable, quiet, and comfortable, the product meets the needs of local consumers and is popular in Germany, France, Italy, the Netherlands, and beyond.
“This model has indoor and outdoor units, but unlike traditional split-type AC units, it’s easy to install and can be moved around. Its cooling performance is excellent,” said Zhu Zhou, sales director of Midea Residential Air Conditioners in Europe.
In Northern Europe, buying and installing an AC can cost around 3,000 euros. It’s a bit cheaper in Western and Southern Europe. The portable split-type AC is priced at 1,199 euros, users can save a lot by installing it themselves, Zhu said.
The spike in demand has ramped up production. At Midea’s smart factory in Nansha district of Guangzhou, south China’s Guangdong province, assembly of the portable split-type AC units is running in an orderly manner.
“We’ve shipped over 80,000 units so far, with another 20,000 scheduled for production,” said Sun Qi, head of production planning at the factory.
Midea has established dedicated production lines to ensure quality and output. The AC products are shipped to Europe via sea and the China-Europe freight trains. The sea freight route begins at Nansha Port in Guangzhou, passes through the Strait of Malacca, rounds South Africa, and arrives at the Port of Rotterdam, the Netherlands.
The rail freight route begins in Guangzhou, exits China via Horgos Port, and travels through Kazakhstan, Russia, Belarus, Poland and other countries before arriving in Germany. In the first half of the year, Midea’s AC sales in Europe rose 35 percent.
Multiple Chinese brands are gaining traction. The portable AC products of TCL DeLonghi, a joint venture between home appliances groups TCL and DeLonghi, are also selling well in Europe.
“Our sales are up 25 percent this year in the European market,” said Du Quanbin, head of market management at the overseas marketing center of TCL DeLonghi Home Appliances (Zhongshan) Co., Ltd., located in Nantou town of Zhongshan, Guangdong.
Production lines at the company’s production workshop are running at full capacity. According to Du, orders for Europe have already been shipped, and the products being made will be sent to countries such as Australia, New Zealand, South Africa, and Argentina, stocking up in advance for summer in the Southern Hemisphere.
Beyond air conditioners, Chinese-made cooling products are becoming common in German homes. German consumers report these offerings combine affordability with innovative features.
Stephen, a Berlin plumber who frequently works in uncooled environments, recently purchased a Chinese-made cooling uniform from a department store. The garment features breathable, heat-resistant fabric with UV protection and specialized cooling technology that maintains body temperatures up to 15°C below ambient conditions – a practical solution for extreme heat.
Shenzhen-based appliance supplier Weikenxiong observed a March surge in European orders for compact electric fans, now selling approximately 200,000 units monthly at over 100 euros each.
“This product was once a hit across Southeast Asia,” said Yu Yuewu, head of Yuecheng Plastic Products Factory in Longdu town, Chenghai district, Shantou of Guangdong. Holding one of the fans, Yu explained that it features an energy-efficient motor for powerful airflow, semiconductor cooling, and a built-in power bank, providing a steady stream of cool air.
The European market places strict demands on energy efficiency and environmental sustainability. “To maintain long-term market growth, the industry chain must push technological boundaries by adhering to high standards,” Yu added, expressing optimism about future prospects.
Foreign
Trump Condemns Killings of Christians in Nigeria, Promises Strong Response

By: Fabian Apechihin
The United States has issued a strong condemnation of recent massacres targeting Christians in Nigeria and across sub-Saharan Africa, describing the violence as “horrific” and pledging coordinated action with international partners.
The statement follows a series of deadly incidents, including the slaughter of 27 Christians in Bindi Ta-hoss, Nigeria, by suspected Islamist Fulani militants. Witnesses said many victims—women and children among them—were burned alive while sheltering in a church.
“I lost my wife and second daughter in the attack,” survivor Solomon Sunday told reporters. “They were burned alive.”
Just days earlier, on July 27, 49 Christians were hacked to death with machetes during prayers in the Eastern Democratic Republic of Congo. Authorities blamed the ISIS-linked Allied Democratic Forces. Across the region, groups such as Boko Haram and ISIS West Africa are accused of killing, displacing, and seizing land from Christian communities.
“The Trump administration condemns in the strongest terms this horrific violence against Christians,” the White House said, stressing that defending religious freedom is both a moral obligation and a U.S. foreign policy priority.
Human rights organisations have labelled the attacks a campaign of “ethno-religious cleansing.” John Eibner, president of Christian Solidarity International, noted that over 165 Christians have been killed in Nigeria’s Plateau State alone in the past four months. “People are being killed like chickens, and nothing is being done,” added local youth leader D’Young Mangut.
According to Open Doors, more Christians are killed for their faith in Nigeria than in the rest of the world combined. Over the past decade, jihadist violence in sub-Saharan Africa has claimed about 150,000 lives and displaced more than 16 million Christians. In Plateau State, more than 64 communities have reportedly been seized by armed Fulani militants.
Religious leaders warn the violence is systematic. Bishop Wilfred Anagbe, who lost 20 parishioners in a recent attack, accused militants of seeking to transform parts of Nigeria into an Islamic State. Families of victims say they are “tired of condolences” and demand tangible protection.
Henrietta Blyth, CEO of Open Doors UK and Ireland, called for urgent global attention: “For too long, nobody has been talking about the horrific wholesale slaughter of Christians. The Western world needs to wake up and be outraged.”
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