Developments in Renminbi Internationalisation

Alexander Ballantyne, Megan Garner and Michelle Wright
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Alexander Ballantyne: Reserve Bank of Australia
Megan Garner: Reserve Bank of Australia
Michelle Wright: Reserve Bank of Australia

RBA Bulletin (Print copy discontinued), 2013, 65-74

Abstract: The ‘internationalisation’ of the Chinese renminbi (RMB) is proceeding at a measured pace, with a sequence of reforms designed to increase its use in international trade and investment. Over the longer term – as the exchange rate becomes more market determined and as capital account liberalisation progresses – the RMB has the potential to become a major global currency. This article builds on the work of Cockerell and Shoory (2012) by describing developments in the onshore and offshore RMB markets, and the linkages between them, over the past year. In light of China’s position as Australia’s largest trading partner, the article also discusses the implications of these developments for Australian firms, drawing on the results of a survey conducted for the inaugural Australia-Hong Kong RMB Trade and Investment Dialogue in April 2013.

Keywords: China; renminbi; RMB; exchange rate reform; currency internationalisation; trade settlement; offshore market; capital account liberalisation; Australia (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (2)

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