The RMB has gained popularity in cross-border transactions and settlements as the country steps up efforts to expand the use of the currency in trade and investment, the Ministry of Commerce said on January 12.

Cross-border RMB settlements for trade in goods amounted to 7.92 trillion yuan (about $1.17 trillion) in 2022, up 37.3 percent from a year ago, Shu Jueting, a spokesperson for the ministry, told a press conference.

In addition, cross-border RMB settlements for direct investment expanded 16.6 percent year on year to 6.76 trillion yuan last year, according to Shu.

Affected by changes in the global financial market, major currencies have experienced wider fluctuations in their exchange rates, and businesses are more inclined to use RMB in cross-border transactions and settlements, Shu said.

The spokesperson also noted that market demand for the RMB in cross-border investment, financing, and risk management is on the rise.

In response to a question on foreign trade, Shu said the sector has withstood risks and tests and demonstrated strong resilience and vitality despite the volatile external environment over the past three years.

China's foreign trade is expected to hit a new high in 2022, the spokesperson said.

Despite the pandemic-depressed global demand, China's foreign trade moved up another notch in 2021, exceeding $6 trillion for the first time, official data showed.