Further analysis reveals that this increase is primarily driven by the intensive margin, reflecting higher transaction values among firms already utilising the renminbi. At firm level, renminbi invoicing remains highly concentrated among a small number of large firms and tends to be applied in a largely discrete manner, particularly for exports. These findings indicate that significant fixed costs may be a key factor limiting wider adoption of renminbi invoicing. See Berthou, A. and Schmidt, J., “The rise of renminbi invoicing: evidence from French firm-level data”, Unpublished manuscript, 2026.

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Renminbi just beat the euro in world trade for the first time

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> Further analysis reveals that this increase is primarily driven by the intensive margin, reflecting higher transaction values among firms already utilising the renminbi. At firm level, renminbi invoicing remains highly concentrated among a small number of large firms and tends to be applied in a largely discrete manner, particularly for exports. These findings indicate that significant fixed costs may be a key factor limiting wider adoption of renminbi invoicing. See Berthou, A. and Schmidt, J., “The rise of renminbi invoicing: evidence from French firm-level data”, Unpublished manuscript, 2026.