Internationalising the Renminbi

Lynne Cockerell and Michael Shoory
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Lynne Cockerell: Reserve Bank of Australia
Michael Shoory: Reserve Bank of Australia

RBA Bulletin (Print copy discontinued), 2012, 77-90

Abstract: The Chinese authorities have introduced reforms over the past few years aimed at increasing the use of the renminbi (RMB) in international trade and investment. This article outlines the recent developments, focusing in particular on the offshore market for RMB and the RMB trade settlement scheme. These initiatives have been supported by the signing of bilateral local currency swap agreements between the People’s Bank of China (PBC) and other central banks, including the Reserve Bank of Australia.

Keywords: China; renminbi; RMB; exchange rate reform; currency internationalisation; trade settlement; offshore market (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (5)

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