On 23 November local time, Dmitry Mazepin, Chairman of the Committee on Fertiliser Production and Marketing of the Russian Federation of Industrialists and Entrepreneurs, said during a presentation to Russian President Vladimir Putin that the Russian Urals URALCHEM Group had started using the RMB to settle fertilisers with Brazil. He said that developing countries are willing to use the yuan for payment as it is currently the most liquid.

　　Public information shows that Brazil is currently the world's fourth largest consumer of fertilisers, with annual consumption accounting for about 8% of global production, and is highly dependent on imports, which account for 80% of consumption, with the main fertilisers being potassium (38%), phosphorus (33%) and nitrogen (29%).

　　The RMB Internationalisation Report 2022 released by the People's Bank of China in September showed that since 2021, RMB cross-border receipts and payments have continued to grow from a high base in the previous year. 2021 saw a total of RMB 36.6 trillion yuan in cross-border receipts and payments from banks on behalf of customers, up 29.0% year-on-year and a record high in receipts and payments. RMB cross-border payments and receipts were generally balanced, with a cumulative net inflow of RMB 404.47 billion for the year. According to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the RMB's share of international payments increased to 2.7% in December 2021, overtaking the Japanese yen to become the world's fourth payment currency, and further increased to a record high of 3.2% in January 2022.

　　Currency Composition of Official Foreign Exchange Reserves (COFER) data released by the International Monetary Fund (IMF) shows that the RMB's share of global foreign exchange reserves reached 2.88% in the first quarter of 2022, up 1.8 percentage points from 2016 when the RMB first joined the Special Drawing Rights (SDR) currency basket, ranking fifth among major reserve currencies.

　　Meanwhile, the volume of cross-border RMB settlement related to the real economy maintained a relatively rapid growth, with areas such as commodities and cross-border e-commerce becoming new growth points and cross-border two-way investment activities remaining active. The RMB exchange rate generally showed two-way fluctuations, and the endogenous demand of market players to use RMB to hedge exchange rate risks gradually grew. The RMB cross-border investment and financing, transaction settlement and other fundamental systems continued to improve, and the ability to serve the real economy continued to increase.