Chinese Envoy urges greater use of RMB for trade between China and Lanka

Chinese Ambassador to Sri Lanka, Xi Zhenghong, has called for greater use of the Renminbi (RMB) in trade settlements between China and Sri Lanka, emphasising its potential to strengthen bilateral economic ties and enhance financial stability.

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He made these remarks at the 2025 RMB Internationalisation Forum, held in Colombo, and organised by the China Business Council in Sri Lanka, with the support of the Bank of China, Colombo Branch. The event brought together senior policymakers and financial experts, including Central Bank Governor Dr. Nandalal Weerasinghe, Minister of Labour and Deputy Minister of Finance Dr. Anil Jayantha Fernando, and Finance Ministry Secretary Dr. Harshana Suriyapperuma.

In his address, Ambassador Xi highlighted the evolution of the global monetary system from a dollar-centred framework toward one that is increasingly diversified. While acknowledging the US dollar's historic role in maintaining global financial stability, he pointed out the structural imbalances and vulnerabilities that the dollar-centric system poses, particularly for developing economies.