On July 29, the Shanghai headquarters of the People's Bank of China held a press conference for the third quarter of 2026 to introduce financial operations in Shanghai in the first half of this year. Shi Jiandong, deputy director of the macroprudential management department at the central bank's Shanghai headquarters, explained that in the first half of 2026, the cross-border RMB business in Shanghai showed a good trend of “accelerated growth, optimization of structure, and improvement of quality and efficiency.” He said that in the first half of 2026, Shanghai's cross-border RMB business volume reached 20.38 trillion yuan, a year-on-year increase of 26%, 11 percentage points higher than the same period last year, and continues to rank first in the country. Among them, in April-June, business volume continued to accelerate, indicating that RMB is being accepted by more market players as a currency for cross-border settlement of trade, investment and financing, and the status of an international currency is steadily improving.

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