China’s central bank announced on Oct 20 that the country’s cross-border RMB settlement has exceeded 4.8 trillion yuan ($781.31 billion) by the end of September in 2014.

The People’s Bank of China (PBOC) announced on its website that the 4.8-trillion-yuan settlement helped RMB become China’s second largest cross-border payment currency.

“Reform and opening-up boosts the RMB settlement businesses,” the PBOC’s vice-governor Hu Xiaolian said. “RMB’s internationalization contributes a lot to global financial market.”

The pilot cross-border RMB settlement was approved by the State Council in July 2009, which stood at only 3.58 billion yuan by the year end, according to the PBOC.