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A Decade of RMB Internationalization

Yin-Wong Cheung

No GRU_2020_024, GRU Working Paper Series from City University of Hong Kong, Department of Economics and Finance, Global Research Unit

Abstract: This article recounts China’s renminbi (RMB) internationalization experiences since the 2009 RMB cross-border trade settlement initiative. In the first few years, the RMB made inroads into global financial markets and had a few remarkable accomplishments, including the Special Drawing Right currency status. Since the 2015 market turmoil, RMB internationalization has levelled off – possibly due to changes in both domestic and geopolitical conditions. The RMB is currently under-represented in the global market. China’s deliberate and schematic policies will elevate the RMB’s global stature in a gradual manner but there will not be a leapfrogging in the near term

JEL-codes: F02 F31 F33 G15 G18 (search for similar items in EconPapers)
Pages: 39 pages
Date: 2020-10-13
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