Applicability and pathways for promoting cross-border rmb settlement in Uzbekistan

Abstract

This study examines the applicability of cross-border RMB settlement in Uzbekistan and
proposes practical promotion pathways for the period 2013–2024. Based on an analysis of bilateral
trade and investment data, policy documents issued by the central banks of both countries, and 28
enterprise case studies, the research presents several key findings. Cross-border RMB settlement
in China–Uzbekistan transactions has grown at an average annual rate of 42.3%, reaching a
settlement volume of USD 3.86 billion in 2024 and accounting for 27.4% of total bilateral trade.
Its applicability is reflected in three main dimensions: reducing exchange rate risks for enterprises,
lowering transaction costs by an average of 18.7%, and supporting the objectives of financial
cooperation under the Belt and Road Initiative (BRI). Nevertheless, key constraints remain,
including limited RMB liquidity in Uzbekistan, insufficient cooperation among financial
institutions, and low awareness among enterprises. Policy recommendations focus on expanding
RMB swap agreements, strengthening financial infrastructure connectivity, and implementing
targeted promotion programs for enterprises.