Internationalization of the Renminbi: Status and Prospects

Li Jianjun , Zhen Feng and Cui Xi qiang

1 Institute for International Finance, Bank of China, Beijing, China
2 School of Statistics, Renmin University of China, Beijing
3 Jinan Branch of The People’s Bank of China, Jinan, China

Abstract:  The recent global financial crisis has revealed great defects in the US dollar dominated international monetary system. In response, countries and international organizations have developed numerous proposals for reform of the system. With China’s growing economic presence, the renminbi is gaining recognition and acceptance in international markets and is slowly beginning to play a significant role in trade settlement and offshore market development. Meanwhile, it is important to remain aware of the limitations of renminbi internationalization and the gaps that exist between it and other major world currencies. Once fully implemented, renminbi internationalization will result in it becoming a major currency on the world stage in approximately 15 years.
Keywords: renminbi internationalization, status, measurement, prospects

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