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China makes constant progress in RMB internationalization
By Qiu Haifeng
China’s Renminbi(RMB) has constantly expanded its international circle of friends as China sees better economic development and a higher level of opening up, playing a more important role in cross-border payment, investment and financing, exchange reserves and invoicing.
A Chinese official revealed that the country will further improve the fundamental systems for RMB settlements in cross-border investment and financing transactions, enhance the opening-up of China’s foreign exchange and financial market and ensure better access to it, and keep promoting the internationalization of the RMB in an orderly manner.
On April 26, the Argentine government declared that it would pay for imports from China with RMB. Argentina’s Economy Minister Sergio Massa said this indicated further activation of the currency swap agreement between China and Argentina, which helps Argentina strengthen its foreign exchange reserves and is of important significance for the country to better its economic situation.
Previously on February 7, China’s central bank, the People’s Bank of China (PBOC), announced that it had signed with its Brazilian counterpart a memorandum of cooperation on setting up RMB clearing arrangements in Brazil.
Two months later, the Industrial and Commercial Bank of China (ICBC), authorized by the PBOC as an RMB clearing bank in Brazil, has processed the first cross-border RMB settlement transaction in the South American country at its local branch there, which marked substantial progress of the ICBC’s cross-border RMB business in Brazil.
At the end of March this year, the first yuan-settled liquefied natural gas (LNG) trade was completed, a big step of China’s exploration in the cross-border yuan payment in petrol and gas trade.
It is reported that the first international LNG transaction settled in the Chinese currency was made between China National Offshore Oil Corporation and France’s TotalEnergies. Approximately 65,000 tons of LNG imported from the United Arab Emirates was traded.
According to statistics, China’s cross-border receipts and payments settled in RMB totaled 42 trillion yuan ($5.91 trillion) in 2022, an increase of 3.4 times compared to 2017, and accounted for nearly half of the country’s total cross-border receipts and payments. An obvious rise in the cross-border RMB settlements was reported in the first quarter this year, too.
Besides, the PBOC has authorized 31 RMB clearing banks in 29 countries and regions, and signed bilateral currency swap agreements with central banks or monetary authorities in 40 countries and regions, with a total value of more than 4 trillion yuan.
“Cross-border settlement is one of the important indicators demonstrating the internationalization of the RMB. The Chinese currency is used in more and more countries and regions for settlement and payment, which mirrors that it has been further internationalized,” said Wang Jiaqiang, a senior researcher with the Bank of China Research Institute.
The RMB is also getting popular globally as a reserve currency.
According to a recent report issued by Brazil’s central bank, the RMB became an international reserve currency of Brazil in 2019. As of the end of 2022, the proportion of the RMB in Brazil’s international exchange reserves reached 5.37 percent, exceeding the proportion of the euro at 4.74 percent, which marked that the RMB became Brazil’s second-largest international reserve currency.
Over 80 central banks or monetary authorities have listed the RMB as an international reserve currency, including Brazil’s central bank. The RMB has retained its position as the fifth-largest reserve currency, and its weighting in the basket of currencies that make up the International Monetary Fund Special Drawing Rights-an international reserve asset also known as the SDRs ranked third.
“More and more central banks or monetary authorities are including RMB in their foreign exchange reserves, which fully reflects the demand of the market. In the past years, foreign exchange reserves held by central banks around the world were mostly in U.S. dollars. However, ‘putting all eggs in one basket’ is obviously to the disadvantage of the stability of the international market as the U.S. currency faces more and more uncertainties these years. The RMB is gradually recognized as a reserve currency, and it offers a new and reliable choice for central banks,” said Zhang Huanbo, a researcher with the China Center for International Economic Exchanges.
Insiders believe that the RMB has achieved new breakthroughs and progress in internationalization this year.
With the establishment of RMB clearing banks and local currency swap networks, the development of offshore RMB market, the opening of domestic financial market and the improvement in the overseas layout of Chinese financial institutions, the RMB has preliminarily shown the network effect of its international use.
Besides, the investment and risk-hedging functions of RMB assets have been gradually enhanced, and enterprises are more willing to use RMB in cross-border trade, investment and financing to avoid the risk of currency mismatch. The international monetary system is more diversified.
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Kwara: Ifelodun Travellers Transport System Revived
- As Council Signs MoU With P&A Contract Ltd
Stephen Olufemi Oni, Ilorin
The Ifelodun local Government, under the leadership of Hadji Abdulrasheed Femi Yusuf, has signed a Memorandum of Understanding (MoU) with P & A Contract Limited for the construction of a modern motor park in Amoyo, as the Council moves to revive the Ifelodun Travellers transport system and improve transportation within the Local Government.
Speaking during the MoU signing ceremony at the Council s Contact Office in Amoyo, the Chairman explained that the decision to construct the motor park was driven by the need for Ifelodun Local Government to establish its own transport identity, intended to ease people’s transportation problem.
He recalled that residents travelling to and from Ifelodun had, over the years, relied on transport facilities at Offa Garage and Maraba in Ilorin, stressing the need to create a dedicated transport hub that would serve the people of the Local Government.
“At some point in the history of Ifelodun Local Government, we had Ifelodun Travellers, which does not exist anymore. I don’t think there is anything wrong with bringing that identity back to the limelight. Now, we want to add value to that identity,” the Chairman said.
He added that the Council was also working with relevant stakeholders to bring in 10 units of Korope buses, which would commence operations as soon as possible.
“We are working with the NURTW, Kwara State Chapter, for guidance and to ensure that the operation runs smoothly,” he added.
The Supervisory Councillor for Works and Infrastructure Development, Mrs. Kolo Rebecca, explained that the proposed park would feature several amenities, including a garage, warehouse, 100-unit shopping complex, parking spaces and general toilets.
She said the facilities were designed to boost economic activities, improve the image of the Local Government and provide a more convenient transportation system for residents.
According to her, the initiative is also in line with the efforts of the Kwara State Governor, Mallam AbdulRahman AbdulRazaq, to take governance and development directly to the grassroots.
The contractor, Mallam Jimoh Toheeb Abolore, assured the Local Government of the prompt execution of the project, promising that the construction would meet the required standards and contribute positively to the image and development of Ifelodun Local Government.
Those in attendance included the Vice Chairman, Hon. Nike Ajibola; Secretary to the Local Government, Dr. Kamil Akorede; DPM, Mallam Ayinde Salman; LGT, Mallam Usman Waheed; Chief of Staff to the Chairman, Chief Ademola Zubair; Head of Works, Engr. Awodi Muhammad; Land officer, Tola Kadir and other Special Assistants.
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Lawyer Demands Release of Detained Kano Blogger, Maryam Shehu
By Hassan Agboola
A lawyer and human rights activist, Hamza Nuhu Dantani, has called for the immediate release of Kano-based blogger, Maryam Shehu, who he said has been in the custody of the Economic and Financial Crimes Commission (EFCC) for almost 30 days.
Dantani, in a statement on Monday, said the prolonged detention of Shehu was becoming difficult to reconcile with the rule of law and provisions of the 1999 Constitution, particularly her fundamental right to personal liberty.
He questioned why Shehu should remain in detention for nearly 30 days, particularly over an offence he described as ordinarily bailable.
“How on earth can a person be detained for almost 30 days and counting, particularly in relation to an offence that is ordinarily bailable, without meaningful consideration of her liberty and constitutional rights?” he asked.
Dantani said the EFCC’s powers to investigate did not give the commission the right to detain a suspect indefinitely, punish her before trial or disregard her fundamental rights.
He also criticised the alleged practice of photographing persons in EFCC custody and publishing their images online while they remain presumed innocent.
Citing Section 36(5) of the Constitution, Dantani said the law guarantees the presumption of innocence until a suspect is proven guilty by a competent court.
He warned that publicly portraying suspects as criminals before trial could amount to subjecting them to public punishment and humiliation.
“The EFCC is a law-enforcement institution. It must therefore be the first institution to demonstrate obedience to law. It cannot demand respect for law from citizens while appearing to disregard constitutional safeguards itself,” he said.
Dantani urged the commission to either charge Shehu before a competent court if it has credible evidence against her or release her immediately
.
“We call on EFCC to respect the Constitution, respect presumption of innocence and respect fundamental right to personal liberty. Investigation is not conviction. Detention is not punishment. And an allegation is not guilt,” he said.
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Cristiano Ronaldo’s Comment on Lionel Messi’s Tribute to His Dad Becomes Most-Liked Instagram Comment
By Fabian Apechihin
Cristiano Ronaldo’s heartfelt message to Lionel Messi following the death of his father, Jorge Messi, has reportedly become the most-liked comment in Instagram history.
Jorge Messi died on August 7 in Rosario, Argentina, aged 68. Five days later, Messi paid tribute to his late father in an emotional Instagram post featuring a photo of the pair.
In the post, Messi wrote, “Te amo, pa” — meaning “I love you, Dad” — alongside a lengthy tribute reflecting on his father’s influence and the pain of losing him.
Among the many reactions from fans, celebrities and fellow footballers was a message from Ronaldo.
“Un abrazo enorme para ti y los tuyos en estos duros momentos, Leo. Mucha fuerza,” Ronaldo wrote, which translates to: “A huge hug to you and yours in these tough times, Leo. Much strength.”
Ronaldo’s comment reportedly attracted more than 6.86 million likes and over 86,000 comments, making it the most-liked comment on Instagram.
The previous record was also held by Ronaldo, whose comment on Kylian Mbappé’s announcement of his move to Real Madrid reportedly received more than five million likes.
Other football stars also expressed their condolences to Messi. Neymar Jr.’s message, translated as “Much strength for you and your family. Big hug,” reportedly received more than 1.6 million likes, while David Beckham’s comment expressing support for Messi and his family attracted more than 300,000 likes.
In his tribute, Messi described his father’s death as difficult to comprehend, saying he struggled to accept that he would no longer see or speak with him.
Messi also recalled how his father had encouraged him to play at the 2026 World Cup despite his deteriorating health. He said his father had hoped to watch him compete and had planned to travel if his condition improved.
According to Messi, he had promised his father that Argentina would reach the final so he could be there. Although Argentina reached the final, his father was unable to attend.
Reflecting on the loss, Messi said he had wanted to win the tournament and bring the trophy to his father but ultimately struggled physically during the competition.
The emotional tribute highlighted the close bond between Messi and his father and the profound impact of his loss on the football superstar.
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