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Renminbi Going Global

Xiaoli Chen and Yin-Wong Cheung
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Xiaoli Chen: Shandong University

No 82011, Working Papers from Hong Kong Institute for Monetary Research

Abstract: The paper assesses the international status of the Chinese currency renminbi (RMB) by recounting and reviewing the recent polices China instituted to promote the use of the RMB in the global market. The evidence suggests that the RMB is gaining acceptance overseas. However, compared with the size of the Chinese economy, the current scale of the use of the RMB is quite small. The path to a fully fledged international RMB will be a distant goal.

Keywords: RMB Internationalization; Off-Shore RMB Market; Cross-Border Trade Settlement; Panda Bonds (search for similar items in EconPapers)
JEL-codes: F02 F31 F33 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ifn, nep-mon and nep-tra
Date: 2011-03
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