A geological and functional “three-step strategy” for renminbi’s internationalization

WANG Yuanlong (王元龙)
Research fellow and Ph.D. in economics with the Bank of China Headquarters
Abstract:
Internationalization of the renminbi is the only option for China to fully integrate into the global economic and
financial systems. It is not only necessary but imperative as well. With the discussion of advancing renminbi
internationalization, benefits and costs must be addressed. We need to closely monitor possible risks and bring out
the benefits while averting disadvantages. The overall strategy is to consolidate the groundwork and at the same time actively advance renminbi internationalization and opt for a “three-step” strategy at both strategic and policy levels. To overcome the constraints standing in the way of renminbi internationalization, the basic goals should be: to enhance the readiness of renminbi internationalization, dialectically assess the preconditions, and increase the currency’s international circulation as a way to achieve major progress in renminbi internationalization.
Key words:
renminbi internationalization, strategy, breakthrough point

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