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
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.”
If you want, I can also make this more hard-hitting in a breaking news format for faster reading while keeping the emotional punch. That would make it sharper for headlines and news feeds. Would you like me to do that?
Foreign
SW China’s Xizang makes remarkable economic, social achievements over 60 years

By Liu Botong, People’s Daily
This year marks the 60th anniversary of the establishment of southwest China’s Xizang autonomous region. Wang Junzheng, secretary of the Communist Party of China (CPC) Xizang Autonomous Regional Committee, and Gama Cedain, deputy secretary of the CPC Xizang Autonomous Regional Committee and chairman of the People’s Government of the region, introduced the region’s remarkable economic and social development achievements at a press conference held by the State Council Information Office on Aug. 5.
In 2024, the region’s gross domestic product (GDP) reached 276.5 billion yuan ($38.52 billion), 155 times that of 1965 in constant prices. While it took the region 50 years to achieve its first 100 billion yuan in GDP, the second 100 billion yuan milestone was reached in just six years, Wang said.
Since 2021, sustained efforts have further expanded Xizang’s economy while improving the quality and efficiency of growth. Modern industries, including clean energy, cultural tourism and plateau light industry, are laying the foundation for a modern industrial system. The region’s key economic indicators have ranked among the highest growth rates in the country for several consecutive years, with its regional GDP projected to surpass 300 billion yuan this year, reaching the third 100 billion yuan milestone.
Xizang’s infrastructure has also significantly improved. By the end of 2024, the total operational road length and the railway length in the region had reached 124,900 kilometers and 1,359 kilometers, respectively, and its domestic and international air routes reached 183. Four major power grids had been put into use, with the main grid now covering all counties, districts, and cities in the region.
These developments have substantially resolved historical infrastructure constraints, providing significant momentum for high-quality regional development, Wang noted.
Xizang boasts a long history and a splendid culture, alongside unique natural landscapes and rich cultural resources. It is an important center for preserving the distinctive culture of the Chinese nation and a major global tourism destination, enjoying exceptional advantages in developing the cultural tourism industry, which has experienced robust growth in recent years.
In 2024, the total output value of Xizang’s cultural industry increased by 23.8 percent, according to Gama Cedain. The region received 63.89 million domestic and international visitors, marking a 15.8 percent year-on-year increase. Notably, the number of inbound tourists skyrocketed by 188.2 percent. In the first half of this year, Xizang welcomed over 32.18 million visitors, representing an 11.7 percent increase year on year.
Meanwhile, living standards have improved dramatically. In 2024, the per capita disposable income of urban residents in Xizang reached 55,444 yuan, 121 times that of 1965. The per capita disposable income of rural residents hit 21,578 yuan, 199 times that of 1965.
Xizang has achieved a comprehensive victory over poverty and eliminated absolute poverty. Education has been made a top priority, with the region leading the nation in providing a 15-year publicly funded education program from kindergarten to senior high school.
A comprehensive public healthcare system offers free health checkups for all farmers and herders, contributing to a regional life expectancy of 72.5 years. Accelerated urbanization has transformed settlements into modern towns.
Over the 60 years since the establishment of the autonomous region – particularly in the past five years – Xizang has vigorously advanced various livelihood projects and programs. People of all ethnic groups have witnessed transformative changes in their daily lives, such as shifting from carrying water in buckets to enjoying running water, from oil lamps to electric lighting, from dirt roads to paved highways, and from yurts to modern housing, according to Gama Cedain.
During the 14th Five-Year Plan period (2021-2025), the state and the autonomous region plan to allocate 24.65 billion yuan to support 28 categories of regional social development projects. As of now, 23.678 billion yuan has already been invested in these projects.
A wide range of livelihood initiatives have been effectively implemented, including centralized heating and oxygen supply in high-altitude areas, the resolution of seasonal water shortages in agricultural and pastoral zones, enhanced reliability of power supply, and comprehensive coverage of fiber-optic broadband and 4G networks.
Located on the Qinghai-Xizang Plateau, known as the “roof of the world” and “Asia’s water tower,” Xizang serves as a vital ecological security barrier for China. How can the region safeguard the plateau’s unique ecological environment while preserving its biodiversity and natural wonders?
Xizang has adopted the strictest ecological protection system in accordance with law. It has firmly upheld a policy of rejecting the approval or introduction of projects and enterprises that are high in energy consumption and emissions but low in efficiency, strictly prohibiting any pollution-prone projects on the plateau. The region has actively promoted national park construction and advanced the afforestation project in the northern and southern mountains of Lhasa, the regional capital. Ecological conservation red line zones have been drawn for more than 50 percent of the region’s land area, with protected areas of all types and levels now accounting for 37.95 percent of its land area.
Low-carbon development has also been vigorously pursued. In 2024, over 99 percent of electricity in Xizang was generated from clean energy, the highest of all regions in China. Non-fossil energy consumption in the region exceeded 55 percent of total energy use, placing it among the top in the country in green energy.
Today, Xizang’s natural environment is among the best preserved in the world. “We will firmly uphold the principle that ‘lucid waters and lush mountains are invaluable assets and so are ice and snow,’ persistently serving as guardians to make the Qinghai-Xizang Plateau an ecological treasure shared by mankind and contributing more to building a shared future for all life on Earth,” Wang said.
Foreign
Rebuilding global trust: an urgent imperative

By Huan Yuping, People’s Daily
Trust serves as the cornerstone of international cooperation, demanding sustained stewardship from the international community. Decades of mutual trust and cooperation among nations propelled unprecedented economic globalization and robust global growth. Yet today, trust erosion among major countries has engendered fragility in international relations and protracted sluggishness in economic recovery. This trust deficit now critically undermines world peace and development.
The collapse of confidence among major countries is fracturing the foundation of global trust, creating widespread uncertainty and deepening distrust. Certain countries, driven by hegemonic ambitions, have embraced extreme populism, strategic adventurism, and coercive unilateralism, attempting to reshape the international order through maximum pressure tactics.
By capriciously abandoning international institutions and treaties, they compromise the sanctity of the rules-based governance. They impose arbitrary tariffs and unilateral sanctions, and exert long-arm jurisdiction, leading to global trade fragmentation. Their regressive decoupling policies disrupt supply chains, building exclusionary “small yards with high fences.”
As Foreign Affairs notes, great-power competition demands persuasion, not coercion. When dominant powers instrumentalize international commitments as bargaining chips and treat global markets as their exclusive domain, they destabilize the international order, heighten market volatility, and deepen security anxieties.
Amid profound changes in the international landscape, the very concept of security has been weaponized by certain nations as a tool for geopolitical rivalry. Pursuing illusory “absolute security,” these countries have become overly defensive. Anxious about losing their dominance over the global order, they distort their risk awareness, misinterpreting interdependence as vulnerability.
Traditional security frameworks have been improperly expanded to encompass economic, trade and cultural, and scientific and technological spheres – areas historically governed by cooperation, not confrontation. By rebranding routine exchanges as “national security threats,” these nations subordinate vital global interactions to political objectives.
This abuse of the security concept triggers destabilizing cycles: strategic distrust deepens, geopolitical rivalries intensify, supply chains become tactical weapons, and military spending escalates unsustainably. Normal international engagement suffers, yielding universal losses.
As the world evolves from a single-civilization hegemony toward a multipolar order, some countries remain entrenched in the Cold War mentality. Obsessed with maintaining dominance, they stoke hostility and escalate development competition into all-out systemic confrontation. Through the relentless promotion of “threat theories” and “trap narratives,” they worsen divisions and inflame confrontations.
By building exclusive, small circles and so-called “sanctions coalitions,” these countries seek to suppress other nations’ development while propping up declining alliance systems. This deliberate creation of “civilizational superiority” and “clash of civilizations,” which weaponizes ideology to fracture the moral values of humanity, not only reveals their anxiety in the face of historical trends but also undermines the very foundation of trust that holds human society together.
Chinese President Xi Jinping insightfully noted that trust is the best adhesive in international relations. Transformation of a scale not seen in a century is accelerating across the world, and human society has once again come to a critical crossroads. The imperative now is to engage in mutual consultation, demonstrate mutual understanding, resolve the trust deficit, and rebuild global trust. The international community should coordinate efforts across four dimensions:
First, restoring trust among major countries. Major countries should lead by example, honor commitments, uphold principles, and place justice above narrow self-interest. They must acknowledge and respect the other’s core interests and major concerns, avoid crossing red lines, prevent strategic misjudgments, and ensure that competition remains manageable and does not escalate into conflict.
Second, promoting shared development. Humanity’s common interests should be recognized as the bedrock of global trust. The outdated zero-sum mentality must be completely discarded in favor of high-standard and mutually beneficial cooperation. By expanding shared interests, the international community can create an open, more inclusive global economy, where development outcomes serve as the most solid foundation for mutual trust.
Third, empowering multilateralism. The purposes and principles of the United Nations Charter must be upheld. At the same time, multilateral institutions must be reformed to enhance their representation, transparency, and effectiveness. Priority should be placed on delivering quantifiable and verifiable early gains in urgent areas such as climate change, public health, and artificial intelligence. Concrete, verifiable achievements in these domains will help reinforce the credibility and relevance of multilateralism.
Fourth, encouraging mutual learning among civilizations. Trust should be nurtured through cultural understanding and people-to-people connections. Exchanges in education, science and technology, culture, and youth should be deepened to transcend ideological divides, which will lay the most resilient foundation for enhancing global trust.
China has always been a consistent advocate and practitioner in fostering solidarity and mutual trust within the international community. Guided by the vision of building a community with a shared future for mankind, China has championed true multilateralism and proposed the Global Development Initiative, Global Security Initiative and Global Civilization Initiative, offering concrete solutions to addressing the global trust deficit.
China continues to pursue high-quality development and high-level opening up, champion universally beneficial and inclusive economic globalization, and work to build an open world economy.
Through the green Belt and Road Initiative, China has provided and mobilized more than 177 billion yuan ($24.65 billion) of financial support to bolster climate initiatives in other developing countries. By October 2024, China had signed 53 MoUs on South-South cooperation addressing climate change with 42 developing countries.
China has introduced unilateral visa-free entry and mutual visa exemption agreements with 75 countries and brought the number of countries eligible for visa-free transit to 55, which is expected to facilitate over 10 million person-times of people-to-people exchanges annually.
These actions demonstrate that China’s commitment to global trust is not limited to rhetoric. It actively delivers tangible benefits, embodying a philosophy of mutual success: helping others to succeed is the surest path to achieving success oneself.
No one should be a bystander in rebuilding global trust. Governments, international organizations, civil society, and individual citizens share the obligation to replace prejudice with reason and dissolve suspicion with goodwill. Through sincere cooperation and shared resolve, humanity can overcome turbulence and guide our common future toward peace, stability, and sustainable prosperity.
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