国际货币基金组织：世界经济碎片化背景下全球贸易中的发票货币模式（英文版）

This paper presents the most comprehensive and up-to-date panel dataset on global trade invoicing currency and examines recent pattern shifts with a focus on geopolitical alignment. Using data for 132 countries from 1990 to 2023—including new coverage of the Chinese renminbi—we document five key findings. First, the US dollar remains dominant, with global invoicing shares broadly stable. Second, renminbi use has grown steadily and expanded beyond Asia, though it remains modest. Third, coun