Focus We investigate the factors driving the internationalisation of the Chinese renminbi (RMB) in global currency trading, using data from the 2025 BIS Triennial Survey. We explore both short-term trading growth and long-term geographical distribution of RMB trading. We study the role played by bilateral trade and financial links with China, as well as policy-driven variables. We also examine unique trading dynamics in Asian financial centres, and differences between spot and derivatives trading.