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China expands cross-border use of RMB
By Wang Junling, People’s Daily
The Ministry of Commerce and the People’s Bank of China recently jointly released a notice on further supporting foreign economic and trade enterprises in expanding the cross-border use of RMB to facilitate trade and investment.
The notice made deployment in supporting RMB settlement for trading in bulk commodities, supporting foreign investors to invest and reinvest in China with RMB, and expanding the use of RMB in overseas economic and trade cooperation zones, so as to nurture a sound environment for the cross-border use of RMB.
Market participants generally believe that RMB cross-border investment and financing, as well as settlement, are becoming more stable and convenient as China gains an increasingly closer economic relationship with the world.
To further improve the fundamental institutional system for the cross-border use of RMB helps promote a virtuous circulation of the currency in both onshore and offshore markets, and will enable Chinese and foreign market entities to launch more efficient cooperation for win-win outcomes.
Today’s China is dubbed the “world factory” because it ranks first in the world in the production of 220 types of industrial products. It is also a “world market” that boasts 1.4 billion people and the world’s largest middle-income group. Besides, the country remains the biggest or most important trading partner for more than 120 countries and regions.
For many economies, RMB settlement will not only save conversion costs of foreign exchange but
A message released by the Argentine Embassy in China on Jan. 9 excited Wang Shicheng, general manager of a foreign trade company in Shanghai. According to the message, Argentina’s central bank announced to expand a currency swap deal with China, which included a special activation of 35 billion yuan to compensate operations on the foreign exchange market.
It is learned that Wang and his Argentine partners used to settle in U.S. dollars. However, the high and frequent fluctuations in the exchange rate of the U.S. dollar against the Chinese yuan and the Argentine peso in recent years have put huge pressure on him and his partners.
Therefore, the Chinese businessman and his Argentine partners have always hoped to settle with RMB for their cross-border trade.
“At the fifth China International Import Expo held last November, we agreed to import 20 containers of wine from Argentine and French wineries. The further expansion of the use of RMB is definitely good news to us,” Wang told People’s Daily.
According to the latest statistics released by China’s State Administration of Foreign Exchange (SAFE), RMB receipts and payments accounted for nearly 50 percent of the country’s cross-border receipts and payments in 2022, up more than 20 percentage points from 2016.
Due to high inflation and tight monetary policy in major economies, the U.S. dollar index vaulted to a 20-year high last year while major currencies, including the euro, yen, and British pound plunged to new lows in the past 20 to 30 years, said SAFE spokesperson Wang Chunying.
The increasing ratio of the use of RMB in cross-border settlement will help reduce currency mismatch risks in cross-border trade, Wang added.
Accroding to Liu Cheng, an associate professor at China’s Nankai University, cross-border RMB settlements related to real economy have kept growing rapidly in recent years, with bulk commodities and cross-border e-commerce sectors emerging as new areas of growth. Two-way cross-border investment activities were dynamic, Liu added.
As the exchange rate of the RMB maintains general stability and bi-directional volatility, the internal demand of market entities for using RMB to avoid exchange rate risks is gradually growing, Liu told People’s Daily.
“The notice will help improve the quality of the supply of financial services in the cross-border use of RMB, better meet the demand of market entities under multiple scenarios such as foreign trade, foreign investment, and contracting overseas engineering projects. It will make the ‘cross-border stage’ of RMB much bigger,” Liu said.
Today, RMB cross-border settlement has become a choice for more and more enterprises. Tang Hongxia with the international site of Alibaba.com, a Chinese online B2B marketplace, said the new measures raised by the notice will further improve the willingness of overseas clients to settle in RMB.
“As a matter of fact, compared with the share of RMB in international payment under the Society for Worldwide Interbank Financial Telecommunications and the weighing of the currency in the International Monetary Fund’s currency basket, known as Special Drawing Rights, the proportion of RMB in the global exchange market is still low. It means enterprises still enjoy a huge potential in the cross-border use of RMB,” Liu said.
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SDGs must be integrated into development plans – FG

The Federal Government has emphasized that achieving the **Sustainable Development Goals (SDGs)** requires their full integration into national and sub-national development plans rather than treating them as isolated initiatives.
The **Senior Special Assistant to the President on SDGs (SSAP-SDGs), Princess Adejoke Orelope-Adefulire**, made this call during the **North-East Regional Consultation in Gombe**, part of Nigeria’s **2025 Voluntary National Review (VNR)** preparations for the **High-Level Political Forum (HLPF) in New York this July**. Represented by **Dr. Bala Yunusa, Senior Technical Adviser**, she explained that the **United Nations Economic and Social Council (ECOSOC)** established the HLPF as a global review mechanism for the 2030 Agenda. Nigeria, now conducting its third VNR, is engaging stakeholders across all six geopolitical zones to assess progress, challenges, and future opportunities.
A statement from her **Special Assistant on Media and Strategic Communication, Desmond Utomwen**, highlighted the urgent need to accelerate SDG progress. Citing the **2024 UN Sustainable Development Goals Report**, she revealed that only 17% of SDG targets are on track, nearly 50% show minimal or moderate progress, and over one-third have stalled or regressed. She attributed Nigeria’s slow SDG progress to dwindling financial resources, the COVID-19 pandemic, and persistent insecurity.
Orelope-Adefulire stressed the importance of **robust Monitoring, Evaluation, and Reporting (MER) mechanisms**, including SDG Progress Reports and the VNR, to track achievements and challenges. She called for stronger collaboration among public and private sectors, the UN Development System, donor agencies, academia, and civil society to ensure no one is left behind.
Referring to the **“Pact for the Future”** adopted during the **79th UN General Assembly**, she reaffirmed world leaders’ commitment to bold and transformative actions for SDG acceleration. She also echoed **UN Secretary-General António Guterres’** call for massive investments and strategic partnerships to drive key transitions in food security, energy, and digital connectivity.
She commended **Nigeria’s Multi-Stakeholder Core Working Group for the 2025 VNR**, acknowledging the contributions of members from government agencies, the UN Development System, private sector groups, civil society organizations, and academia.
The **North-East Regional Consultation** brought together 150 participants from six states, focusing discussions on institutional frameworks for SDG implementation, progress across the 17 SDGs, and challenges and lessons learned.
**Gombe State SDGs Focal Person, Engr. Sulaiman Turaki**, described the event as a critical dialogue shaping Nigeria’s next VNR. He urged stakeholders to actively contribute, ensuring the review accurately reflects progress, challenges, and opportunities while ensuring no one is left behind in the country’s development efforts.
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Nnamdi Kanu’s trial under ‘repealed’ law, mere charade – Lawyer

Prominent human rights lawyer, Barrister Christopher Chidera, has raised concerns over the Nigerian government’s plan to prosecute Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), under the repealed Terrorism Prevention (Amendment) Act 2013. He described the move as legally unsustainable and urged the administration of President Bola Tinubu to reconsider.
In a statement issued in Abuja, Chidera argued that since the 2013 Act has been revoked, it cannot serve as a legal basis for Kanu’s trial.
“Any attempt to prosecute the IPOB leader under the Terrorism Prevention (Amendment) Act 2013 is legally untenable and procedurally flawed,” he stated.
He warned that continuing with the case under an obsolete law could undermine Nigeria’s justice system and attract international criticism.
Chidera further urged the government to negotiate with Kanu before March 20, 2025, to avoid exposing systemic flaws in the judiciary.
“The section of the Terrorism Prevention (Amendment) Act 2013 on which the prosecution relies is no longer an active law in Nigeria. The jurisdiction to prosecute Kanu under this Act ceased with its repeal. Continuing with this prosecution would draw scrutiny and criticism both domestically and internationally,” he added.
With Kanu set to represent himself in court on March 21, 2025, legal analysts predict heightened scrutiny of the case.
“Reports that Mazi Kanu will assume his own defence signal a significant shift. His self-representation may reveal inconsistencies and vulnerabilities within Nigeria’s judicial system,” Chidera noted.
Describing the trial as a critical test for Nigeria’s judiciary, Chidera called on Tinubu’s government to seek a diplomatic resolution before the March 20 deadline.
“Political dissent cannot be extinguished by force, and the Biafran struggle will not be subdued by crackdowns or detention without trial,” he emphasised.
As the court date approaches, all eyes remain on how the government will handle the high-stakes legal battle, with potential implications for Nigeria’s political and judicial credibility.
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2027: Stakeholders allege Akpabio, others have sold APC to PDP in Akwa Ibom

ey stakeholders within the All Progressives Congress (APC) in Akwa Ibom State have raised serious allegations against Senate President Godswill Akpabio, state party chairman Stephen Ntukekpo, and Minister of Petroleum (Gas), Ekperikpe Ekpo. The group claims that these leaders have sold out the party to the People’s Democratic Party (PDP) in return for the latter’s support for Akpabio’s bid for a third term as Senate President in 2027.
The accusations were made public through an open letter addressed to President Bola Tinubu, titled “The Worrisome State of the APC in Akwa Ibom State: A Call for Your Intervention”. The letter was signed by Elder Okokon James, Peter Ibanga, and Chief Victor Affiah, who represent the Uyo, Eket, and Ikot Ekpene Senatorial districts, respectively.
In the letter, the APC stakeholders express their frustration with the actions of the party’s leadership in the state, stating that Ntukekpo and Ekpo have openly claimed to be acting on Akpabio’s orders to deliberately weaken the party in Akwa Ibom. According to the group, this was done to facilitate an easy victory for the PDP in the upcoming 2027 elections. They argue that this arrangement is part of a deal to secure support for Akpabio’s third-term Senate ambitions.
The group warns that if urgent intervention is not taken to revitalize the APC in the state, party members will abandon the party and join a coalition of opposition forces, undermining President Tinubu’s prospects in his second term campaign. They allege that the APC in the state has been effectively dismantled by its own leaders, leaving little support for Tinubu when he visits next year.
“This is a betrayal of trust,” the stakeholders write, accusing Akpabio and Ekpo of undermining the party that helped propel Akpabio to the Senate Presidency. They further allege that if the party’s situation worsens, the responsibility will fall squarely on the shoulders of Akpabio and Ekpo.
The letter also criticizes the inaction of Governor Umo Eno and his team, suggesting that while the Governor is strengthening his political base, APC leaders in the state are failing to make any significant moves to bolster the party.
In response, the Senate President’s Special Adviser on Media and Publicity, Hon. Eseme Eyiboh, dismissed the allegations, calling them “spurious and mischievous.” Eyiboh defended Akpabio’s efforts, pointing to the numerous appointments the Senate President has secured for party members, which he argues are evidence of his commitment to strengthening the party.
Eyiboh further labeled the signatories of the letter as “non-existent” and stated that the claims were baseless and intended to stir unnecessary controversy.
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