Charting the Renminbi’s rise as a global currency

How the renminbi’s growing adoption is reshaping how businesses manage cross-border transactions and diversify funding strategies worldwide.

Over the past decade, the Renminbi (RMB) has significantly expanded its global presence, driven by China’s financial liberalisation and a broader shift in how multinational companies manage currency risk.

As more global institutions adopt the RMB for international trade, cross-border investment, and settlement, it is emerging as an important financing currency—especially across Asia-Pacific, Europe, and key emerging markets. This trend enables businesses to diversify currency exposure and strengthen the resilience of their global operations.

Key indicators of the Renminbi's growing global momentum

The RMB’s increasing internationalisation is supported by strong adoption across key financial channels:

SWIFT Payments: The RMB share of global SWIFT payments rose to 3.5% in April 2025, up from 2% in 2023, highlighting growing institutional trust in RMB for international transactions.¹
Trade Finance: By the end of 2024, the Renminbi accounted for 6% of global trade finance, up from under 2% the previous year. This reflects a clear shift in preference, particularly across emerging markets and major global trade corridors.²
Cross-Border Settlements: Cross-border transactions settled in RMB exceeded RMB 10 trillion, a 35% year-on-year increase. Meanwhile, RMB-dominated direct investment reached nearly RMB 8 trillion, up 17% year-on-year - underscoring currency’s rising role across both trade and long-term capital allocation.³

This momentum is fueling demand for RMB-dominated assets, particularly Panda Bonds issued on-shore and Dim Sum Bonds issued offshore. These instruments are becoming essential tools for global capital markets, offering both settlement and funding capabilities.

The expanding influence of the RMB is anticipated to transform capital allocation strategies, particularly for corporations and sovereign entities aiming to diversify their funding sources and engage with investors based in China and Asia.

Unlocking competitive RMB funding opportunities

Deutsche Bank has been an active participant in both the offshore Dim Sum market since 2015 and the onshore Panda Bond market since 2022, helping clients worldwide access RMB funding. Learn more about the differences between Dim Sum and Panda Bonds.

As both a leading underwriter and an international issuer, Deutsche Bank has helped showcase the depth and liquidity of RMB markets , paving the way for global issuers to tap into diversified investor bases.

In 2022, Deutsche Bank registered a CNY 8 billion Panda Bond programme coinciding with its 150th anniversary in China. Between 2023 and 2024, the bank completed four successful issuances under this programme. Investor demand grew sevenfold year-on-year, with larger issue sizes and higher oversubscription rates.

The strong market response validates the bank’s strategic positioning, and long-term commitment to China's bond markets.

What’s driving this strategy?

Our participation in the Chinese market is driven by both commercial factors such as the attractiveness of the CNH / CNY capital market relative to other key markets such as Euros and US dollars, as well as our commitment to the internationalisation of the RMB and the Chinese market in general. Jonathan Blake, Head of Issuance and Securitisation at Deutsche Bank.

“Our Panda bonds have proven to be a very popular and liquid instrument, and the feedback received during our roadshows and ongoing conversations with investors was very positive, leading us to the conclusion that we should build out further our programme and continue to be a regular issuer,” Jonathan adds.

Supporting the Globalisation of the Renminbi

Deutsche Bank has made strategic investments in its China capabilities and played a crucial role in advancing RMB internationalisation through both onshore and offshore channels.

“We expect continued global adoption of the Renminbi to drive sustained demand for RMB assets and further growth in the Panda Bond market. Our clients who already have large footprints in China need Renminbi liabilities to match their RMB assets and grow their domestic business,” says Samuel Fischer, Deutsche Bank’s Head of Onshore Debt Capital Markets.

Beyond Panda Bonds, Deutsche Bank actively participates in Northbound schemes like Bond Connect and Swap Connect, enhancing access to China’s onshore markets for international investors.

Deutsche Bank’s strategy in China

Deutsche Bank operates in China through its fully owned banking subsidiary, Deutsche Bank (China) Ltd., as well as joint ventures in securities, fund, and asset management. In addition to its core strengths in corporate, investment, and private banking, the bank has expanded its China footprint—especially in bond underwriting and securities services—following new regulatory approvals. As an early mover in RMB internationalization, Deutsche Bank continues to capture emerging opportunities and support global clients in navigating China’s evolving financial landscape.