Shifting forces behind RMB internationalization: evidence from the 2025 Triennial Survey

by Juliana Robbert, Vladyslav Sushko, Frank Westermann<br />This paper explores factors driving the internationalization of Renminbi (RMB) trading, using data from the 2025 BIS Triennial Survey of global foreign exchange turnover. We analyze both short-term (three-year) trading growth and long-term RMB turnover levels across jurisdictions.