Renminbi internationalization gained ground in the fourth quarter last year and is expected to pick up momentum this year, Shanghai Securities News reported Wednesday, citing an index compiled by Bank of China (BOC). The BOC Cross-Border RMB Index, which measures global use of the Chinese currency, rose to 228 in the three months to December, up 56 percent from a year earlier. It rose 20 percent from the previous quarter, the report said. The index is expected to gain momentum this year amid increasing use of the renminbi in cross-border trade settlement. Offshore renminbi is estimated at 1.5 trillion yuan (US$245.9 billion), the report said.
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