Citic Securities Mingming: RMB commodity settlement represented by "oil RMB" is expected to make a breakthrough.

Xinhua News Agency, May 30, Chief Economist of Citic Securities clearly believes that with the further development of commodity trade between China and the GCC countries, the RMB commodity trade settlement represented by "oil RMB" is expected to usher in a breakthrough. The five constructive highlights of RMB internationalization include: the first is the dual local currency swap agreement; the second is the construction of a "CIPS + CNAPS (HVPS)" RMB cross-border payment system; the third is the creation of RMB cross-border payment demand by "Belt and Road Initiative"; the fourth is the exploration of the cross-border use of digital RMB; and the fifth is to play the hub role of the offshore RMB financial market in Hong Kong, China. (Gao Yanyun, reporter of the Financial Associated Press)