The renminbi (RMB) has been used more frequently in cross-border trade in the first eight months of this year amid the growing presence of the Chinese currency in the global market, a central bank report showed.

The People's Bank of China's 2024 report on the internalization of RMB reported that cross-border RMB payments and receipts expanded 21.1 percent year on year to 41.6 trillion yuan ($5.94 trillion) in the January-August period.

According to the report, in the first eight months, cross-border RMB payments and receipts in trade in goods accounted for 26.5 percent of the total settlement of local and foreign currencies in the same period, up from 24.8 percent in 2023.

For trade in services, cross-border RMB use increased 22.3 percent year on year to 1.2 trillion yuan, accounting for 31.8 percent of the total.

The report also noted improvements in RMB's function in terms of investment and financing. By the end of August, foreign investors held around 4.6 trillion yuan of Chinese bonds, accounting for 2.7 percent of the total domestic bonds in custody.

Cross-border RMB settlement for major commodities amounted to 1.5 trillion yuan in the eight-month reporting period, a 22.7 percent year-on-year increase.

For the next stage, the central bank said it will improve the fundamental institutional arrangements for the cross-border use of RMB, further open up the financial market, strengthen financial infrastructures and enhance regulation over cross-border RMB businesses