According to the report on the use of RMB in ASEAN countries in 2020 released by Guangxi Institute of Finance and Guangxi Institute of Finance and economics, the cross-border receipts and payments of RMB between China and ASEAN countries will continue to grow substantially in 2019, with a total amount of RMB cross-border receipts and payments of ASEAN countries totaling 2408.708 billion yuan, up 34.71% year-on-year. The report is the first report on the regional use of RMB published at the provincial level in China.
China ASEAN monetary cooperation has been deepening. By the end of 2019, six ASEAN countries including Malaysia, Singapore, Thailand, Indonesia, Cambodia and the Philippines have included RMB into foreign exchange reserves. China has signed bilateral local currency swap agreements with Malaysia, Thailand, Singapore and Indonesia. By the end of 2019, 71 financial institutions in ASEAN countries have become participants in RMB cross-border payment system. 248 ASEAN commercial banks have established RMB settlement agency relationship with 186 commercial banks in China.