Renminbi's Share in Global Payments Holds at 3-4%, Official Reserves Reach 2% in 2025: Goldman Sachs

According to Goldman Sachs research cited by Jin10, renminbi's share in global payments held steady at 3-4% in recent years, while its allocation in official foreign exchange reserves reached approximately 2% in 2025. The report indicates that the next phase of renminbi internationalization will be primarily driven by offshore markets, with Hong Kong as the core hub. Rather than prioritizing full capital account liberalization, the strategy will advance through gradual onshore market opening and offshore market expansion.

Supported by renminbi appreciation, policy incentives, central bank currency swaps, and offshore clearing mechanisms, the offshore renminbi funding costs have continued to decline with improving liquidity. Sustained renminbi appreciation also helps maintain a stable and narrowing spread between onshore and offshore rates.