France has become the first European country to sign a trade agreement allowing payments in China's currency, the renminbi, rather than dollars or euros.

France has become the first European country to sign a trade agreement allowing payments in China's currency, the renminbi, rather than dollars or euros.

In recent years, the use of the Chinese currency, the Renminbi (RMB), has been increasingly accepted and adopted by countries around the world. This trend has made it easier for international trade to be conducted with China, as more and more countries are able to use RMB for settlement and remittance.

The use of RMB in international trade has many benefits. Firstly, it reduces the need for currency conversion, which can be costly and time-consuming. By using RMB, both parties can avoid the fees and risks associated with currency exchange. Secondly, it can help to reduce foreign exchange risks, as the exchange rate is fixed at the time of the transaction. This provides greater certainty and stability for businesses engaged in international trade.

China has been actively promoting the use of RMB in international trade, and has signed currency swap agreements with many countries around the world. These agreements allow for the direct exchange of RMB with other currencies, making it easier for businesses to conduct transactions in RMB.

The increasing use of RMB in international trade is a positive development for China and its trading partners. It will help to strengthen economic ties between countries, and make it easier for businesses to conduct cross-border transactions. As more countries adopt RMB for settlement and remittance, it is likely that the use of RMB in international trade will continue to grow, making it an increasingly important currency in the global economy.

At present, more than 30 countries have used RMB for settlement, including Iran, the United Arab Emirates, Dubai, India, Singapore, Turkey, Indonesia and other countries. So, when you have orders need to pay to China suppliers, please check if your country could transfer RMB, if yes, that would be easier and more convenient for you.

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