The function of the renminbi (RMB) as a global payment currency has steadily increased and its functions in investment, reserve, and pricing have gradually emerged, said Liu Liange, president of Bank of China (BOC) in a forum at the ongoing China International Import Expo (CIIE) in Shanghai on Tuesday.

"RMB cross-border settlement by BOC stood at 4.26 trillion yuan (around 615.4 billion US dollars) in the first three quarters this year, with a year-on-year increase of 60 percent."

"A survey on over 3,000 global customers of BOC shows that 76 percent of respondents believe that the use of RMB in international trade and investment will increase, and more than half of financial institutions have strong interests in the Chinese bond market," said Liu.

Liu pointed out that in recent years more and more multinational companies have signed RMB-denominated contracts with Chinese counterparts and regarded RMB as one of a major payment currency for global operations.

The use of RMB in the field of securities investment has also steadily expanded, according to Liu.  Investment channels such as Bond Connect, Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, RQFII, and RQDII are being continuously enriched.

China has signed bilateral currency swap agreements with over 30 countries and regions and has established 25 overseas banks for RMB clearing.

Commodity transactions such as RMB-denominated crude oil futures and iron ore futures have been launched.

Liu believes that commercial banks need to take the initiative to support the cross-border use of RMB and promote trade and investment facilitation.