Cross-border renminbi payments exceed 4 trillion yuan in Shenzhen

Cross-border renminbi payments surpassed 4 trillion yuan ($556 billion) last year for the first time in Shenzhen, Guangdong province, setting a record.

The RMB, also known as the yuan, has also become the largest cross-border settlement currency between Shenzhen and Hong Kong for four consecutive years.

The cross-border renminbi payment of 4.2 trillion yuan recorded in 2023 is an increase of 28.3 percent year-on-year, ranking third nationwide.