The RMB Internationalization Forum 2025, organized by the Sri Lanka–China Business Council of the Ceylon Chamber of Commerce in collaboration with the Bank of China, was held recently at the Shangri-La Colombo. The event brought together distinguished policymakers, diplomats, and business leaders to discuss the future of bilateral trade and financial cooperation through the use of the Chinese Yuan (RMB).
The Forum was graced by His Excellency Qi Zhenhong, Ambassador of the People’s Republic of China to Sri Lanka; Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka; and Hon. Dr. Anil Jayantha Fernando, Minister of Labour and Deputy Minister of Finance and Planning. Discussions centered on promoting RMB settlements in trade, investment, and financial transactions between the two nations, furthering economic stability and efficiency.
Addressing the gathering, Ambassador Qi Zhenhong noted that while the U.S. dollar continues to dominate global finance, it also exposes developing economies to volatility and systemic risks. He emphasized the importance of establishing a more equitable, stable, and inclusive monetary system and explained that RMB internationalization is a market-driven, enterprise-led, and risk-controllable process designed to enhance global financial stability. The Ambassador also highlighted that over 80 central banks have already incorporated RMB into their reserves, with cross-border RMB settlements surpassing 35 trillion yuan in the first half of 2025 – clear evidence of the currency’s growing influence. He reaffirmed China’s readiness to work closely with Sri Lanka to diversify reserves, reduce exchange-rate risks, and promote mutually beneficial financial cooperation.
Hon. Dr. Anil Jayantha Fernando observed that wider use of RMB in transactions could reduce costs, increase administrative efficiency, and attract sustainable foreign direct investment. He further mentioned that discussions with key Chinese enterprises, including Sinopec, are progressing positively and signaled that significant new investments are on the horizon. Dr. Fernando added that the upcoming Investor Protection Act will ensure a stable and transparent environment for investors. He noted that these efforts, alongside digitalization and RMB settlement mechanisms, are aligned with Sri Lanka’s broader economic reform agenda.
Welcoming the participants, Mr. Liu Ying, Country Manager of the Bank of China (Colombo Branch), remarked that RMB internationalization has been one of the most transformative developments in the global economy over the past decade, strengthening trade connectivity and financial inclusion. Mr. Liu emphasized that the discussions held at the Forum would pave the way for new ideas, stronger collaborations, and meaningful outcomes that further the journey of RMB adoption in Sri Lanka, ultimately reinforcing trade relations between the two countries.
The RMB Internationalization Forum 2025 served as a significant platform to advance financial cooperation, encourage cross-border trade settlements in RMB, and explore new opportunities for sustainable economic partnership between Sri Lanka and the People’s Republic of China.