The 2024 International Monetary Forum and the Release Conference of the 2024 Annual Report of Renminbi Internationalization took place in Beijing on July 27. It was co-hosted by the School of Finance of Nankai University (NKU) and the School of Finance of Renmin University of China (RUC).

The forum gathered renowned experts and scholars from domestic financial regulatory bodies, universities, research institutions, and the financial industry to discuss the theme "Global Supply Chain and Financial Powerhouse." 

The 2024 Annual Report of Renminbi Internationalization emphasized the significance of international monetary and financial reforms for the sustainable development of global supply chains. It argued that a nation's financial system supporting the sustainability of global supply chains would aid in its financial modernization and currency internationalization process.

The report introduced the RMB Internationalization Index (RII), revealing the end-of-quarter values for 2023: 5.21, 7.13, 6.42, and 6.32, with an annual average of 6.27, marking a 22.9% year-over-year increase. The report highlighted the sustained upward trend of the RMB despite challenging external conditions. In comparison, the 2023 year-end internationalization indices for the US dollar, euro, British pound, and Japanese yen were 51.52, 25.03, 3.76, and 4.40, respectively. Over the past five years, the compound annual growth rates for these currencies were -0.23%, -1.34%, -2.65%, 0.22%, and 16.56% for the RMB, underscoring the RMB's robust internationalization momentum.

The report focused on the three primary functions of financial services in supporting the sustainable development of global supply chains: capital financing, risk management, and cross-border payments. It suggested that economies integral to global supply chains could significantly enhance the welfare of their supply chain partners and the resilience of global supply chains through these financial services.

Prominent figures such as Ma Jiantang, Deputy Director of the Economic Committee of the 14th National Committee of the Chinese People's Political Consultative Conference and former Party Secretary of the Development Research Center of the State Council; Liu Guiping, Member of the Standing Committee of the Tianjin Municipal Committee and Executive Vice Mayor; Zhu Guangyao, former Vice Minister of Finance; Zhang Donggang, Chair of the University Council of RUC; Chen Yulu, President of NKU; and other distinguished guests attended the forum.

Liu Guiping delivered the opening remarks, while Zhang Donggang emphasized the importance of financial sector reforms in China's broader reform agenda. He noted that the 20th Party Congress set strategic goals for high-quality financial development and RMB internationalization, guiding the direction for future reforms.

Chen Yulu reflected on the forum's history and the collaboration between NKU and RUC, highlighting the essential role of global supply chains and international monetary systems as global public goods. He stressed the need for a sustainable global supply chain and monetary system from the perspective of a shared future for humanity.

The forum included keynote speeches and thematic discussions on global supply chain development, international financial reforms, and RMB internationalization. Notable speakers included Wang Fang, Deputy Dean of the School of Finance at RUC and Deputy Director of the International Monetary Institute (IMI), who provided an in-depth analysis of the report.

The event featured three thematic forums, with discussions led by esteemed academics and industry leaders. The first thematic forum focused on global supply chain development and international financial reforms, chaired by Li Zeguang, Deputy Dean of the School of Finance at NKU. The second thematic forum, organized by the International Monetary Institute at RUC, addressed RMB internationalization and global supply chain cooperation. The third forum, a closed-door session on the internationalization of digital RMB, was hosted by the School of Finance at RUC.

The forum was co-organized by RUC and NKU, with support from various institutions including the Tianjin branch of the Industrial and Commercial Bank of China. The International Monetary Forum, an annual event since 2012, continues to attract prominent scholars and experts worldwide, focusing on the internationalization of the RMB and exploring emerging market currency crises.