Shanghai's cross-border renminbi business volume reached 20.38 trillion yuan ($3.02 trillion) in the first half of 2026, according to the People's Bank of China Shanghai Head Office.

The total represented a 26 percent year-on-year increase, with growth accelerating by 11 percentage points.

The real-economy-related RMB-denominated current account and direct investment transactions, excluding fund pooling, totaled 2.3 trillion yuan, up 22 percent year-on-year.

The share of RMB in foreign-related receipts and payments for goods trade increased by 1 percentage point compared with 2025.

Cross-border RMB settlements for bulk commodities, including precious metals, iron ore, and grains, and emerging forms of foreign trade such as cross-border e-commerce, both maintained strong growth.

Robust year-on-year growth was also recorded in cross-border RMB settlements with countries and regions involved in the Belt and Road Initiative, member states of the Regional Comprehensive Economic Partnership, BRICS nations, and six Central Asian countries.

Behind the growth is Shanghai's upgraded free trade account pilot program, which has expanded from traditional goods trade to cover services trade, offshore trade, processing trade, and capital account transactions, including cross-border financing and overseas lending.

Of the transactions conducted by pilot enterprises via the upgraded accounts, cross-border RMB transactions represented 83 percent.

The first digital yuan payment under the upgraded account pilot program was completed in July, with a pilot bank processing cross-border freight payments through the mBridge platform.

Source: Jiefang Daily