Modern Economics & Management Forum

Since entering the new development stage, China’s economy has comprehensively stepped into a phase of high-quality development, and the process of RMB internationalization has accelerated, playing an important role in boosting foreign trade, cross-border settlements, international balance of payments adjustment, and reducing exchange rate risks. The international influence of the RMB, especially its regional economic influence, has been continuously enhanced. However, it should also be noted that in the latest global currency payment rankings (June 2025), the RMB accounts for 2.12%, ranking sixth globally after the US dollar, euro, pound sterling, yen, and Canadian dollar, which is inconsistent with China’s status as the world’s largest goods trader and largest manufacturing power. The process of RMB internationalization still faces a long way to go. Currently, the world is undergoing unprecedented major changes in a century, with opportunities and challenges coexisting, difficulties and hopes present simultaneously. This paper systematically reviews the current status of RMB internationalization, analyzes the opportunities and challenges faced in the process, and attempts to propose rational suggestions from economic, financial, and policy perspectives.