On June 3rd, the latest report of the Standard Chartered RMB Global Index (RGI) showed that the index rose continuously in the first four months of 2025, reaching an eight-month high of 5,167, with an increase of 8.3% since the beginning of the year.

The report indicates that the northbound bond market capital flow, the southbound stock market capital flow, and the stable proportion of RMB trade settlement in goods trade settlement are the positive factors driving the continuous expansion of the offshore RMB market.

Specifically, among the various sub-indicators of RGI, the proportion of RMB payments in SWIFT is used as the measurement indicator for “cross-border RMB payments”. The proportion of RMB payments rebounded to 4.33% and 4.13% respectively in February and March, and slightly declined in April.

The report mentioned that official data shows that the proportion of goods trade settled in RMB in China’s total goods trade remained basically stable at 30.2% in April, which is roughly the same as the average in the first quarter of 2025 and the fourth quarter of 2024, demonstrating the resilience of the RMB in global trade settlement.